Is Spain now a buyer’s market? Of course it is! The average house price in Spain last month was 3.6% lower than it was the previous April. This was inevitable, with the credit crunch tightening its grip worldwide.
It could be argued that anyone looking to sell a property in Spain at the moment is what we call a “motivated seller”. Local Spanish mortgages are more difficult to come by at the moment. Some Spanish banks have even closed their doors to any new mortgage business! Most Spanish banks used to “take a view” when making loans to non-Spanish residents, for amounts above 70% loan to value. Now, Read the rest of this entry »