2008 was a difficult year for the Spanish property market. Reasons to be optimistic in 2009

2009-02-01

Over the last decade a big number of people have been investing in Spanish property whether in the form of a holiday home, buy-to-let investment or permanent relocation.

During 2008, due to the economic downturn, there was a decline in the number of people buying property in Spain, and agents and developers have had to reduce their prices dramatically in order to sell any properties at all.

So what can we expect in 2009?

Spain continues being a very popular holiday destination. In 2008 there was a number of people looking to buy in emerging markets outside Spain, which has lead to a glut of unsold properties on the costas. However, over the last few months flights to a number of the newly emerging European destination have been cancelled and suddenly these countries are no longer looking like such a good investment.

In the meantime, property prices in Spain have dropped to try and clear the number of unsold new homes, so people are now using this as an opportunity to snap up a bargain, and this will continue into 2009.