The Royal Institution of Chartered Surveyors (RICS) has just published its European House Review report for 2009. It’s pretty grim reading wherever in Europe your property interests might lie, but Spain stands out as a particularly critical case, along with the UK and Ireland.
The section on Spain starts like this:
“The country had one of the biggest housing market booms in Europe, so the expectation is for a marked correction, partly for domestic reasons but also because the second home market had been so strong and foreign buyers played such an important part in it. Now they are few and far between.”
You can download and read the whole report (pdf) at your leisure using the link below. Go to page 102 for Spain (it’s a long report, covers a lot of ground).