A substantial glut plus peak-to-present price falls of up to 50pc make coastal holiday-homes a major concern for the Spanish property sector, say real-estate consultants Aguirre Newman as they point out the obvious in their latest report.
Once the star of the property market, with record sales turbo-charged by easy credit and booming tourism, the holiday-home sector crashed the most when boom turned to bust. Prices, on average, are down more than primary housing. As a result, price falls of up to 50pc can be found on the coast.
“The high prices reached in 2006 and the lack of interest amongst investors, along with cases of corruption, have turned off both national and international buyers,” explains the report. “Furthermore, at the present time, buying a holiday-home is far from a priority for the average family.”