Around 1 million Spanish properties are languishing on the market in search of a buyer, 50,000 to 100,000 thousand of them in the Valencia Region, home to the Costa Blanca. It will take the market 2 to 3 years to absorb this overhang of properties said international property consultancy CB Richard Ellis in a press conference during April.
After the boom years “supply and demand have to return to equilibrium,” said José Luis Marín, head of the CB Richard Ellis office in Valencia.
CB Richard Ellis also pointed out how professional standards slipped during the boom years of double-digit property price inflation, during which time “mistakes and inferior products went unnoticed”. Now that the boom is over, and supply is having to adjust to demand, only well located property with genuine appeal is selling.
The consultants expect Spanish property prices to rise in line with inflation for the next few years.
