New build property prices are going to carry on falling this year, at least as much as last year’s 6% decline, say the top management of Sociedad de Tasación, one of Spain’s leading appraisal companies.
According to José Luis Estevas-Guilmain and Juan Fernández-Aceytuno, president and managing director respectively of Sociedad de Tasación, there are still no signs of any “green shoots” in the Spanish housing market. That means the housing market has not yet touched bottom, despite recent claims by the Ministry of Housing that the property market has turned a corner.
It is too early to celebrate, and there is still room for prices to fall further, say José Luis Estevas-Guilmain and Juan Fernández-Aceytuno. “We can talk of a change in the trend if moderating price falls carries on in the first half of the year,” is as positive as they get. On the bright side the monthly figures published by their company does seem to suggest that price falls have moderated in the last few months.
They point out that a recovery in the housing market will not happen without an improvement in the economy and supply of mortgage financing. Spain is one of the few European countries still in recession.
None of which changes the fact that now is a great time to buy, if you have the money, they say. Good opportunities abound.