Spanish Real Estate prices have collapsed since 2008 as a result of the burst of the Real Estate bubble.
Spain is currently experiencing a Real Estate crisis unprecedented. After having more than doubled during the first years of 21st century,
Since 2008, prices have already decreased by 15% in Barcelona, 22% in Andalusia and 25% in Baleares and Canarias. According to specialists, the top decrease occurs in the Mediterranean costs area, such as the Costa del Sol, where prices have collapsed by 35%.
The main reasons of this slump are the global crisis and the excessive debt of the Spanish population. People cannot pay off mortgage loans taken out in 2000’s. Individuals and banks are forced to put houses and apartments for sale in order to be able to pay off debts.
Then, the law of supply and demand takes effect: the supply is abundant whereas the demand is low, and the pressure generates a price drop.
Spain offers yet pleasant residences: weather, seaside, beaches, etc.
You got it: it is time to invest in Spain! But if you want to buy a Spanish residence, you must rely on a specialist, who will provide you assistance and a fiscal consulting.