Spanish Property Market Sees Confidence Return

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Reforms undertaken in Spain in recent months are giving investors the confidence to engage with the economy and property markets once again, according to a new report.

The Spanish Business Council on Competitiveness has combined data from some of Spain's leading companies and the report suggests that the economic woes that have plagued Spain for the past few years might soon be at an end.

The SBCC claims that the economy will be on "positive levels” by the end of 2013 and that the recent government initiatives aimed at overhauling the financial sector and labour markets are having the desired effects.

One of the companies included in the report is power giant Iberdrola, and their President Ignacio Sanchez Galan said: “With the change in the productive structure and the emphasis that is being put on exports, we can began to think that the upcoming year can be one of growth.

“Spain is today capable of accessing the markets in much better conditions than a year ago.”

The Spanish property market has reported patchy results for 2012, with some of the most popular tourist areas holding up relatively well whereas other sectors of the market continue to be depressed.

Prime property in top destinations continues to attract overseas interest, but a glut of supply of ‘bad’ property assets held by financial institutions is still holding the market back in many places.

Prime Minister Mariano Rajoy recently claimed that the expected return to growth in 2014 does not mean that austerity measures can be abandoned this year.

"In 2014, if we are able to maintain the same level of effort, the Spanish economy will grow markedly and begin to create jobs," he said.

However, with some 26% of Spaniards still out of work, the question of confidence with foreign investors is far from the minds of most people in the country.

Taking a sensible approach to transferring money abroad means securing a profitable exchange rate, and those quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

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