Great opportunities for overseas property in Spain
19.02.2010
The Spanish property market is "very depressed" but there will be "fantastic opportunities" available to buyers at the end of the year, according to property information website Spanish Property Insight.
Spain still remains in a recession and house prices fell by 0.9 per cent in the third quarter of 2009, official statistics published by the Instituto Nacional de Estadistica (INE) show.
Despite this, "canny buyers" will be able to buy "great quality property at a great price" by taking advantage of the weak economy, head of the website, Mark Stucklin, said.
Even though the pound is still weak, the euro is weaker, and due to low mortgage rates and low house prices, Britons buying in the eurozone, in countries such as Spain, would get more for their money, according to the Daily Telegraph.
Mr Stucklin said there was an oversupply of housing in Spain, this reduces the cost of housing, meaning price are currently at the same level they were eight to ten years ago.
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