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ARCHIVED - Is it a good time to sell Spanish property?
The experts predict that house prices will drop dramatically in Spain
For people who own Spanish property and are considering selling, it can always be difficult to decide to roll the dice, particularly in such a volatile financial market. However, estate agents are strongly urging anyone who wants to offload their house or apartment in Spain to do so now, as property prices are expected to drop significantly in the next two years.
That’s according to the General Council of Official Associations of Real Estate Agents in Spain, who believe that upcoming interest rate hikes by the European Central Bank will result in the housing market bottoming out by the end of 2024, as well as forecasting a reduction in purchasing power for buyers and more strict financing conditions overall.
"Any homeowner with property in Spain who wants to sell should take advantage of the moment," the experts stressed, adding that "in this new scenario, mortgages are more expensive for both the individual and the investor, but it is the individual on whom this rise is going to have the greatest impact. The fall in house prices predicted by the ECB (around 9% in two years) is logical because there will be a part of the demand that will disappear from the market and, with the same supply, prices will fall."
The financial crisis is creating two distinct types of buyers, according to the General Council. On the one hand, we have potential purchasers who are scrambling to get onto the property ladder before both house prices and mortgages go up. But on the other, many larger investors can afford to bide their time and will choose to hold off on buying until the economy stabilises and prices fall once more.
Ultimately though, the Council believes that "in the coming months a window of opportunity will open up due to the generalised fall in prices that will benefit investors who have liquidity and can afford to wait for the right moment to buy.”
Image: Pixabay
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