Joined: Apr 02, 2005 Posts: 1771 Location: Vale da Telha
Posted: Fri Oct 23, 2009 8:02 am Post subject: Languishing Property Market in Spain
Irish times 22/10:Spanish Property
Thursday, October 22, 2009
Property Investor
There’s pain in Spain where around three million new and second-hand homes are on the market, writes JACK FAGAN
IF YOU think that things are pretty bleak in the Irish property market, then we suggest you familiarise yourself with the bedlam along many of the coastal areas of Spain. According to one reputable newspaper, El Pais , there are over one million new homes for sale – most of them on the coast – which will take years to clear.
And if that is not bad enough, the website Spanish Property Insight has estimated that there are a further two million unwanted holiday properties languishing on the resale market. Even with prices falling by the week there are few takers.
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