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Overseas Property News
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Spanish prices need to fall 23%
Country: Spain
14 November 2008
The average price of a home in Spain needs to drop by 23% to bring housing affordability back inline with the long term average of 30% of household income, and return the market to normality, according to a report by property consultants Aguirre Newman.
The report mainly focuses on primary housing, and so does not necessarily relate to the second homes sector, particularly in coastal regions, which generally tends to suffer more in an economic downturn.
The report also suggests that, in light of falling Spanish property prices, more Spaniards may, although traditionally unpopular, will switch to renting homes, rather than buying, which should force rents to increase above inflation . Good news for anyone thinking of letting their home out in Spain.
A recent report from Holiday Lettings reveals that there has been an 84% increase in the number of holiday home owners – not all of which are located in Spain - that have entered the holiday letting market since January 2008.
Browse other Spainish property news stories, read articles about investing and buying property in Spain or view our range of property in Spain.
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![RLE102, Turquia, Spain]()
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