Spanish property prices remain low

Spanish property value has fallen less than that of its neighbours during the recession but transferring money and moving to Spain remains appealing to Brits

Whilst the country has experienced high unemployment and a lack of quality housing during the economic downturn, Spanish property experts Kyero have said that house prices have not fallen as far as was expected for the country's economic climate.

Spanish banks control much of the country's property market due to the abundance of their own investment in the sector, particularly among holiday homes.

Mark Stuckling from Kyero commented on the effect this has on sales: "It appears that these guys are only reducing prices to the extent that they can afford to write off losses without damaging their capital ratios.

"That also helps explain why transactions are so depressed; if prices were lower, there would be more sales."

Property in Spain has generally been popular among Britons looking to move abroad due to its proximity and warm climate.

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Posted by Eleanor Ward