Some of Spain’s largest property portals have forecast that int he coming months, there will be further falls in Spanish house prices, but they have estimated that they will be more moderate, and that some areas of the country will even register price increases.
Kyero.com stated that local house prices are decreasing at a minimal rate month to month, and expect average prices to have fully adjusted by end of year. However, they believe that the market still relies mostly on foreign buyers.
Beatriz Toribio, Head of research for fotocasa.es said that, this decline is a ‘slowdown’ in comparison with the same period last year. Housing prices will continue to fall in Spain, but at a more moderate rate, and at the same time Toribio stressed that, there are already areas registering price increases. She said: “This shows that the housing market will not recover in the same way in all regions.”
Toribio indicated she believes that the worst is over and that the real estate market is moving towards stabilisation, but pointed out that while domestic demand is still weak, it is not possible to talk about recovery.
Along the same lines, El Economista reported that the director of studies for pisos.com, Manuel Gandarias, said that if the improvement in the Spanish economy is confirmed, the percentage rates of the declines in housing prices will be increasingly lower, and even zero or slightly positive in certain areas of Spain.
However, Gandarias indicated that it is “very possible” that the Spanish property market will continue to see declines in the bid prices offered by the real estate portals because sellers are still reluctant to discount.