Drop in Property Prices Could See Rush to Sell Property in Spain

Newspapers in the UK are reporting that a predicted drop in property prices both in the UK and in Spain could provoke a rush amongst owners to sell property in Spain, reports property portal House Sales Spain (http://www.housesalesspain.com/). Rising interest rates and the proposed rises in capital gains tax may lead property owners to sell their Spanish properties before the capital gains tax levels increase.

According to The Telegraph, owners of Spanish properties, particularly "amateur investors", could be encouraged to sell before the predicted price drop and the proposed tax rises, in a bid to still make a decent profit from their property in Spain. This was a view shared by the BBC's business editor Robert Peston, who believes that we will see buy-to-let owners in Spain trying to sell quickly in response to the proposed changes made by the UK's new coalition government.

Last week, the Bank of Spain outlined plans to ensure that Spanish banks make provisions of up to 30% of valuations in Spain on their books, a move which could reduce pre-tax incomes of banks by up to 10%. If these plans come to fruition, banks could be encouraged to accept write downs on property assets and lower asking prices, something which most real estate market analysts and estate agents in Spain agree needs to happen in order to correct a skewed market caused by artificially high prices.

This could grease the wheels' of a stagnant market: property sales in Spain could be given a boost by more sellers entering the market and people wishing to buy property in Spain who are looking for a bargain. Certainly, Spain is one of the countries in the European Union where demand for property in some sectors will always exist from retirees and wealthy individuals, for example.

If you have a property in Spain that you would like to sell fast, or if you're looking to bag yourself a Spanish property bargain, visit http://www.housesalesspain.com/.

Editor's Note: The Worldwide Group and House Sales Spain (http://www.housesalesspain.com/) is represented by the digital marketing specialists and SEO provider Jumping Spider Media. Please direct all press queries to Louise Byrne. Email: louise@jumpingspidermedia.co.uk or call: +44 (0)20 3070 1959 / +34 952 783 637.

Drop in Property Prices Could See Rush to Sell Property in Spain

By: Jumping Spider Media

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