Monday, April 20, 2009

Could Spain be Moving in the Right Direction?

Mark Stucklin reports over at Spanish Property Insight that there may actually be some light at then end of the tunnel for the the misfortunate Spanish property industry. 

Of course we're at a period when there may be a lot of straw grasping done, so I wouldn't be inclined to hold my breath, but it is, nonetheless, better than the constant barrage of negative indicators this market has thrown up over the past half decade.

An article in ‘El Mundo’, one of Spain’s leading news papers, suggests there may be signs of recovery in the Spanish property market, in one of the first positive articles on the outlook for the market since the crisis began.

The newspaper has described this as potentially; "the beginning of the end of the worst period for property sales since the crisis began."

The article has pointed out that real estate markets may have bottomed out in the US, the UK, and France, which isn't really a given, and then goes on to suggest that Spain may also be part of this trend - not really a given either unfortunately - but worth a shot I guess. 

The optimism comes from a report by Gonzalo Bernardos, a property market expert and professor of economics at the University of Barcelona, who suggests that the Spanish property market may come back to life this year, following a dismal 2008.

Thee five key reasons he gives are that; “Interest rates are lower; house prices have fallen back to their 2003 levels; banks are lending more; investors are coming back; and many people who were thinking of renting have decided to buy.”

Let's hope the new found optimism isn't ill-founded.

You can read the full piece here


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