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Spanish prices to fall 25% by 2011
Country: Spain
23 December 2008
Spanish property values are expected to continue their downward trend, leading to price falls of 25% by 2011, while Swiss banks Credit Suisse and UBS project falls of 30% during the same period.
Spanish property prices will fall by “close to 5% in 2009 and 10% in 2010,” says José Luis Escrivá, head of research at BBVA.
BBVA also estimate that there are between 800,000 and 1.4 million homes lying empty on the market, which is considerably higher than the Ministry of Housing’s estimate of 650,000 unsold vacant residential units.
Although supply is slowing, the BBVA forecasts that it won’t be until 2010 that demand catches up. The bank also estimates that base rates will be just 1% and Euribor – the interbank lending rate normally used to calculate mortgage repayments in Spain – will be just 1.9%. This will not only lower the cost of borrowing a mortgage to buy a home in Spain, but may also reduce the euros value against the UK pound, reducing the cost of buying property in the eurozone, for many Brits.
BBVA also expects housing starts to slow to just 200,000 per year, compared to over 800,000 in recent years.
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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