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2010-04-16
Recent Developments in the Spanish Property Market
So concerned are the Spanish government about the swath of unfinished developments and idle housing stock all along the Costas that they have set up a platform to off load 60,000 housing units.. This has been supported by the Andaluc;ian regional government ;The scheme has attempted to certify that these developments are up to standard and have all the necessary government permits and support ; This is an attempt by the Spanish government to regain it reputation to foreign investors. However putting 60,000 units onto the Spanish property market at this point may just stall any progress that had been made in recent months.
Reports from mortgage brokers are indicating an increase in mortgage applications for overseas mortgages including Spain Mortgage applications are alleged to have risen by over 50% it is argues driven by the big freeze in the UK and Ireland with people heading for the. Another stimulus is perceived to be the fall in property prices especially in Spain of up to 50%. However the euro is still strong and any talk of a massive influx of buyers is optimistic at best. At this point the Spanish market is overflowing and there are many bargains to be had if someone is investing for the long term and prepared to haggle to get the best of a distressed market.
Most UK and Irish buyers use websites to view properties and may are looking to buying direct from owners to get the best bargain possible. Many websites are reporting increases in traffic from the UK and Ireland looking at purchasing property in Spain.
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