There will be an increased sense of urgency and realism from home sellers when Spain approaches the point of no return and reaches the day when it finally drops out of the Euro and adopts the Peseta which will cause all Hell to break loose.
There are currently an estimated 1.5 million homes up for sale and this figure will easily double to 3 million homes for sale as home owners in Spain see that the game is up and that the writing is on the wall for Spain as the country heads for the much anticipated exit from the Euro and adopts the Peseta which will result in an overnight devaluation of the Peseta of at least 50% and cause property in Spain to be valued in worthless Pesetas. Can you imagine for just one instant what an additional 1.5 million properties entering the property market in addition to the 1.5 million properties already up for sale will do to house prices? – it will cause house prices to go through the floor.
Don’t touch Spanish property even with a ten foot barge pole. All Spanish property is toxic, regardless of its location or how well built it is. Only consider buying a property in Spain once Spain crashes out of the Euro and adopts the Peseta, only then will things become clearer and property prices will return to sensible levels.
I know that people are impatient and want to get on with their lives but buying spanish property now will end up being the biggest mistake of your life, act in haste and you will repent at leisure. I can assure you that in three to four years time Spain will exit the Euro and this will result in absolute carnage in the property market as home owners in Spain panic and stampede for the exit and put their properties up for sale, resulting in a blood on the streets crash.