Could property price falls in Spain lead to an increase in currency exchange services?

Demand for international money transfers in Spain could be set to rise after the Bank of Spain suggested that property prices in the country could continue their decline.

The financial body explained that house prices in the country have already recorded a 17 per cent decline since late 2007.

Additional reports suggest that there are over one million unsold homes currently in the country.

"Looking at previous cycles, the experience of other countries, and indicators of affordability, the adjustment in housing prices could continue," the central bank said in its monthly report in December.

The bank explained that the Spanish economy could be held back for years as a result of the high mortgage debt burden.

Individuals could find that utilising the services of a foreign exchange broker to make international money transfers to Spain will ensure that costs are kept as low as possible by avoiding fees and poor exchange rates.

Meanwhile, Reuters recently reported that house prices in Spain are due to fall even further over the next few years, reaching 40 per cent below their peak.

Click here to make an International Money Transfer to Spain.