Insurance News Archive

Demand for top-end Spanish property 'rising slowly'

Written by Dan Winters

Demand for top-end Spanish property will slowly increase, although the nature of off-plan development purchase has changed for the foreseeable future, according to an expert.

Paul Bradley, a spokesperson for the Spanish Property Owners Guild, says that prices for real estate in the country have reached the bottom and the wealthy are now looking to take advantage.

He suggests that prices for the sector will only move when more than one buyer expresses an interest in the same homes.

However, buyers will continue to be wary of off-plan properties in the country following continued horror stories about people who have bought accommodation but still do not have electricity or water supplies, Mr Bradley adds.

"The day of the off-plan speculator has long gone and won't be back for many a year," he predicts.

Earlier this month, Primelocation.com reported that searches for property in Spain have risen by 27 per cent in the last 12 months.

26 Jun 2009