‘Pessimistic’ outlook for Spanish property market
The outlook for the Spanish property market is "pessimistic", according to industry experts.
Mark Stucklin of Spanishpropertyinsight.com, an impartial website which aims to provide property investors with market performance information, said the outlook for the Spanish real estate market is "full of uncertainty", following years of investment, particularly from British buyers.
"Right now, nobody should expect any short-term gains from Spanish property. There are plenty of reasons to be cautious and pessimistic at the moment," he added.
A report published last month by Halifax revealed that over the last five years house prices in the UK have risen more rapidly than every other EU country, with the exception of Spain.
With house prices rising so rapidly in the Mediterranean country Mr Stucklin has said the country is now "at the top of its cycle".
Last month the London Stock Exchange reported that "early-bird" property investors are moving away from more traditional investments in Spanish property in favour of emerging real estate markets, such as Brazil, where there is greater potential for profit.
