Spain’s real estate market suffers as property in Brazil booms
Spain’s buy-to-let market is suffering as rental yields have been "abysmal" for many years, according to an industry advisor.
Investment website Spanishpropertyinsight.com has revealed that the Spanish market is struggling due to property being bought and not let out.
Mark Stucklin, head of the organisation, said: "The buy-to-let [market] in Spain doesn’t exist to the extent it does in the UK.
"People just used to buy to take advantage of capital gains which is no longer happening…so the buy-to-let market is not great; rental yields are still abysmal and have been for many years," he concluded.
In a recent report, the Spanish Mortgage Association showed the credit crunch had taken its toll on Spanish mortgage volumes as growth was down by eight per cent between 2006 and 2007.
Meanwhile, property in Brazil is currently booming and there has never been a better time to invest in the Latin American nation, according to investment advisor IN2.
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