Spain’s housing market ’struggling’
The Spanish property market is experiencing a plummeting demand due to the strength of the euro, one expert has said.
Savills Private Finance revealed that demand is down on last year due to a number of factors.
Remi Gashi, mortgage consultant for the financial specialists, said the firm had seen the number of applicants for Spanish mortgages decline in 2008 compared to last year.
"It’s a combination of factors – property is in a bad place everywhere as well as the euro being so strong at the moment," he added.
"Sterling to euro is 1.25 now so there is a ten to 15 per cent extra cost to a client wanting to buy property out there," he concluded.
A new Verdict Research report declared that the country’s housing market has "gone into reverse" following years of rapid inflation.
The Royal Bank of Scotland revealed in its 2007 report into Spanish housing that the average house in Spain costs seven times the average earnings.
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