Confidence in Spain slips
Property investors considering Spain should look somewhere else, one expert has said.
The Spanish Property Owners Guild (Spog) revealed today it is a bad time to consider buying a property in Spain, just for investment purposes, as prices are likely to continue their downward slide in value.
Paul Bradley, the online advisor’s spokesman, said those "just buying to invest" should not bother looking.
"Spanish banks have stopped any lending for real estate; they are too over-exposed," he added.
Investors looking to acquire real estate could alternatively consider buying property in Brazil where the market is currently booming.
A recent survey by Jet-to-Let Magazine found that Spain has slipped in its top destinations for 2008 list after the "erosion of confidence following the recent property market scandals, principally on Marbella".
Meanwhile, it was reported last week that an increasing number of Brits are buying property in Brazil.
Resort Group International revealed that property in Brazil is becoming more popular because it is a fraction of the price of that in Florida and the Caribbean.
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