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Barcelona organising discounted property fair
Country: Spain
3 February 2009
Barcelona is organising what it describes as a ‘low cost’ property fair where property prices will be available to buy at a price reduction of at least 30%.
It is hoped that the fair will offer a much needed boost to market and will take place at the Salón de las Oportunidades Inmobiliarias which will be held in Barcelona between June 12 and 14.
Entry will cost €5, however, the public can rest assured that all the exhibitors will have given documentary proof that they have implemented a price reduction of at least 30% to be present at the property fair.
Price discounts are essential as prices of property in Spain are widely expected to continue falling in 2009. A study by the Confederation of Spanish Savings Banks, FUNCAS, projects that the average price of a home in Spain will fall by 30% in 2009.
The study was presented by José García Montalvo, an economics professor at the Pompeu Fabra university in Barcelona, who said that prices had to fall a total of between 40% and 50% since the property bubble burst at the end of 2007 and start of 2008. Property prices in Spain have so far only fallen by between 8% and 10% he said.
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