Is now the right time to buy a property in Spain?

The days of booming construction and inflated property prices in Spain are well and truly behind us. It is almost inconceivable that no-one saw it coming. For the best part of 3 decades, large promoters and small builders alike had the mind-set that “we build them and the foreign buyers will keep flooding in”.  

In 2006, it was reported that more properties were built in Spain than the whole of the UK, Germany and France combined. Then, the day of reckoning arrived (well more the year of reckoning, 2007). No-one knew it at the time but the property market in Spain had just dropped off a cliff.  

So where does this leave us today? Well, property prices are down somewhere between 30% and 50% (depending on location and volume of unsold properties) from the peak in 2007. Last year saw a reasonable improvement in properties sold in Spain and there is a general consensus that the market has bottomed out. It would take a bold man to say that prices might actually start to increase in the near future; however, the best properties in good locations are now selling.  

If you have been thinking about buying a property in Spain, now might just be the best time to seriously consider it. 

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