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House prices in Spain are expected to rise by 3% this year
Real Estate Blog 29-09-2007 According to a study by “Asprima” the Association of Madrid Property Developers, property prices will rise by 3% during this year. The studie reflects that Spanish property market is undergoing a process of normalization with prices rising less and less production of new built property.
According to a study by “Asprima” the Association of Madrid Property Developers, property prices will rise by 3% during this year.
Moreover, the report states that the Spanish housing market is a turning point and is moving towards a less favourable situation. However, it also confirmed that once prices have adjusted realistically demand will rise once again.
The president of Asprima, José Manuel Galindo, suggested that the Spanish property market is undergoing a process of normalization with prices rising less and less production of new built property. Mr. Galindo blamed the recession to the continuous rises in interest rates. Despite this he still considers that the demand for housing will remain high over the following 6 or 7 years.
Mr. Galindo also referred to the 4 million immigrants who have already moved to Spain which could result in a demand for more than 100,000 new properties per year.
