What is expected for the real estate market of Spain in the future. Expert’s opinion

09.06.2011 from www.top-casa.com

Experts disagree over the future of the property market in Spain. Some experts are set extremely skeptical, some predict speedy recovery for the market Spain.
 
President of development company G-14 Pedro Perez argues that real estate prices in some regions of Spain have already risen by 20% and continue to grow. In Madrid, prices have shown significant increase due to supply shortage of real estate. But Pedro Perez cautiously makes predictions about the future of Spanish property market and doesn’t exclude the possibility that the market may form another bubble.
 
Specialist of company Quabit Alberto Quemada, on the contrary predicts rise in property prices in all regions of Spain, arguing that today to buy property in Spain at a cheap price is almost impossible. He says that all the best items at cheap prices were sold. For two years of the crisis, investors bought up the cheapest accommodation and are now waiting for further growth.
Secretary of the Department of Housing of Spain Beatriz Corredor said that the property market of Spain will finally cope with the crisis in 2014 and implement 700,000 homes that now aren’t sold.
 
Minister of Public Works and Housing, Jose Blanco said, the worst for the housing market is behind. The serious correction in property prices has occurred in the past year. Now if the price varies in either direction, it will not exceed 2%. But the minister warned that 2011 is the most important and difficult for real estate market.
 
Spanish property market economist Francisco Sanchez Velva believes that now it’s very difficult situation for banks in Spain. They have accumulated a lot of problem properties that they are trying to sell. But banks don’t offer the best real estate, they can’t compete with agencies, so if banks want to sell their property they need to significantly reduce the prices of mortgage real estate. Only this will help them back their money.