It seems that there is finally light at the end of the tunnel in the Spanish property crisis. After many years of deep ekonimisk crisis, there are positive numbers and forecasts for both the labor and properties markets in Spain.
According to news agency Bloomberg could house prices in Spain after six years of steady decline to be heading towards stabilization. The news agency Bloomberg News writes that there have been a low number of property sales for a long time, but now the numbers will start to increase, making demand increases and prices fall, not more.
When it comes to the purchase of property, there is also good news. The number of mortgage approvals rose in March for the first time in nearly four years, contributing to believe that the real estate market is stabilizing after the worst recession in Spain democratic history.
The number of property loans rose in March by two percent over the previous year, and it’s the first increase since April 2010.
All indications are that the number of new mortgages increased during the year, says Fernando Encinar, co-founder of Spain’s largest real estate portal in an e-mail comment to Bloomberg News.
The reason is that banks have become less reluctant to provide loans for property purchase. Chief economist at the IMF, Paulo Meda, who has just visited Spain, said during a press conference in Madrid this week that “all signs point to more falling property prices are over.” He is backed by several colleagues, but warns against excessive optimism.
- the property crash is about to be bottoming out, says Raj Badiani, economist at IHS Global Insight in London, told Bloomberg News. – But it is more likely that properties price increases in 2015.
Property prices fell at an annual rate of 3.5 percent, the smallest decline in three years, according to Bloomberg News, and it’s also worth taking.
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