Property Pain in Spain

Property Pain in Spain

According to the Royal Institution of Chartered Surveyors (RICS), Britons living in Spain stand to be affected by the ramifications of the country’s slowing housing market.  The report by RICS revealed that house price growth had slowed substantially across Europe and added that countries such as Spain and Ireland looked particularly vulnerable.  Rising interest rates in Spain have had a substantial impact on the housing market because most mortgage deals there have variable interest rates.

The Spanish economy could be vulnerable to further changes.  The report stated “A danger is that the downturn in the housing market will spill over to the rest of the economy, denting growth and consumer confidence.

Our view

We have been predicting this slow down for a number of years now.  We are specialists in the Spanish financial advisory and expat market and suggest that people contact us for advice.  Spanish property has for many years been valued on very strange basis with it being very common and seemingly acceptable for 'brown envelopes' to change hands.

Useful links:

Learn more about financial advice in Spain and related topics in the Spain IFA Channel 

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