Last month inflation went up to 5.3% officially, unemployment rose to over 10% which is the highest in the EU currently and the Euribor, the gauge by which mortgages are set went up to 5.37% meaning a typical mortgage is now around 6% interest in the first year, the highest for years.
Spain is undergoing a transition that is going to be brutal. However opportunities abound now for anyone coming into the market with cash. It is now easier to get negotiated prices with sellers, many of the properties on our site have been modified to take into account the current reality and we have factored in the drops in price. The top of the market was during the first quarter of 2006 whatever official figures may say and we have prices some 20% off those prices now. Sellers are willing to negotiate on price and you can pick up some great long and medium term property bargains at the moment. They will be around for about another two years as repossessions come into the market at BMV prices. For more information about how you can pick up a bargain get in touch on info@valencia-property.com or give us a ring on +34 96 166 28 92 and we will tell you all about it
Saturday, August 02, 2008
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