How much of a bargain is real estate in Spain?
Friday, May 13, 2011 @ 1:53 PM
To an audience of UK investment fund managers and financial advisors, Spain's minister for housing Jose Blanco and secretary of state for housing Beatriz Corredor attempted to show that Spain, although struck by the crisis, is a solid economy showing signs of recovery.
The message was directed at investors in the Spanish housing market in the hope of filling a surplus supply of approximately 700,000 homes, the majority built along the southern Spanish coastline.
The presentation conceded that over-development had taken place but that prices had adjusted accordingly.
The national average house price decrease was 25 per cent, and in certain areas in Andalucia prices had fallen by as much as 49 per cent, investors were told.
Read more at Telegraph.co.uk