More price drops in Spain say government officials

Tuesday, February 28, 2012

More price drops in Spain say government officials

Spanish government officials have claimed that property prices in the country will continue to fall, with ministers putting increased pressure on Spanish banks to offload their underperforming property in order to restore economic growth.
And despite average price drops throughout the country standing at around 35%, the government is persuading banks to discount properties by as much as 80% in order to clear the backlog.
Although many of the properties are in areas that do not register on the radar of international buyers, it has been revealed that 65 per cent of the excess houses are located in coastal areas, with a large majority being unfinished developments in popular Brit favourites including the Costa Blanca and Costa Calida.
The average new-build property - the type favoured most by overseas property hunters - is currently reduced by 39 per cent.
If you're interested in property in Spain then why not visit A Place in the Sun Live? The exhibition takes place at between the 30th of March- 1st of April 2012 at London Earls Court and will play host to a wide variety of Spanish developers and agents. Advance tickets are available to book now, priced at two for £15 and include a FREE six-month subscription to A Place in the Sun magazine.

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