Spanish Property Market

For the past year we have heard how the Spanish property market is in crisis. There are constant reports of declining prices and many people expect a major drop in prices in the not so distant future. But I am not so sure about this.

I would love to see a big drop and return to reasonable housing prices so we can buy our own home and begin to make more investments. But the market has been close to a standstill for 1 year and a half and when I visit idealista.com to check out housing prices in Madrid, I see nothing really has changed. Every few months or so I check it and it’s always the same, people still want millions for normal size flats.

I’m no expert but hot real estate markets seem to increase fast but they take a long time to decline. We have the global economic crisis, the real estate crises, and 20% unemployment in Spain (4th highest in the world according to a report) yet no one seems in a hurry to sell or lower their prices.

I don’t expect any great real estate bargains in the near future although promoters and Spanish government officials try to make it sound differently. Hopefully I’m wrong!