Stalling Spanish property market sparks investor interest

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The Spanish housing market has taken a hit since the global economic meltdown, and is showing little sign of recovery following the Euro-zone crisis.

The Fitch ratings agency believes that the property market is unlikely to grow at all in the near future, however, this is good news for investors. Those looking to secure a cheap deal could find one in Spain.

The company claims that a damaged Spanish economy could take its time before there is an improvement, meaning any growth in property value is for the short term. This may be a serious pitfall for those looking to invest and sell on at a higher value.

Spain is currently squeezed in between some battered economies. The country’s vulnerable position means that it will be struggling to avoid falling into recession.

The predicted growth rate for the Mediterranean country is 0% for 2012. Fitch, however, thinks Spain will see a 1% growth for 2013 despite earlier forecasts of 1.5%

‘Banks are unlikely to return to the cheap funding costs that were available to them in the past,’ a statement from the ratings agency Fitch claimed.

The average house price has fallen by a staggering 8.9% in the third quarter of 2011, compared to the same period in 2010.

This is good news for those looking to make a move into the Spanish property market within the next few years. According to research from Scotiabank, property in Spain has become almost 25% cheaper than it was in 2007.

Transferring money to Spain

If you are looking to invest in Spain, think carefully about how you will be transferring money to Spain. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money to Spain – which you will inevitably have to do if you are looking to make a property investment - be sure to compare the market before you buy your overseas currency.

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Stalling Spanish property market sparks investor interest

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