German Chancellor Angela Merkel has blamed the rising price of Spanish real estate as a key reason behind the country’s current financial troubles.
She highlighted: "… the Spanish property bubble of the last ten years …" as a trigger, rather than macroeconomic factors and reforms, during a recent speech.
The cost of residential real estate in Spain has been declining since December 2007 according to the IMIE Spanish Property Market Index. Prices dropped 11.1 percent alone year-on-year during May.
Last month a report from Kyero, Spain’s largest English language property portal, noted that house prices had returned to what is described as being “more realistic” levels.
“Prices across Spain are readjusting with sellers and agents pricing more reasonably,” said Mark Pritchard, Sales and Marketing Director of developer Taylor Wimpey de España.
He noted that the country is becoming increasingly attractive to buyers from Scandinavia and other North European markets.
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