Insurance News Archive

Spanish property market 'offering bargains'

Bargains are becoming available in the Spanish property market because it has been in recession since 2005, an expert says.

Adam Samuel, director at Nubricks, says there are up to 50 per cent reductions in the price of housing in the European country, attracting investors back to the sector.

"Even in an economic crisis there are still people with money and there are still people looking for bargains - those bargains are now becoming available," he states.

Mr Samuel says that there are a lot of distressed and below market value properties coming on to the Spanish market.

According to recent research by PropertyIndex.com, searches for investment opportunities in the country increased by 121 per cent between February 2008 and last month, which Mr Samuel asserts is unsurprising.

He says Spain is one of the most established destinations for travel and second homes, with many people in the UK knowing a friend who has invested in the country in the past.

25 Mar 2009