The property news portal Fotocasa.es has predicted in an article published today that 2013 will be another poor year for Spain’s real estate market.
Despite acknowledging that the statistics released by the Instituto Nacional de Estadistica for April were positive, Fotocasa believe that various underlying problems will continue to prevent the property sector’s recovery.
The problems include the scarcity of available credit which makes “buying a house almost impossible”, as well as high unemployment, loss of purchasing power and the lack of fiscal incentives when buying a property.
According to Fotocasa the only way to reactivate demand will be for the banks to start to grant mortgages again. They predict that stagnation will continue in Spain’s property market “until at least the end of 2013”.
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