Credit ratings agency, Fitch, have reported that property prices in Spain are likely to stabilise at their currenct leves, some 40% below the asking prices before the start of the economic crisis which hit Spain in 2007.
Data published by Fitch shows that the decline of property prices in Spain look to be coming to an end as the cheaper property is being picked up by investors who seem more confident that the economic climate is beginning to recover.
According to the National Statistics Institute (INE) unemployment in Spain stood at 26.94% in January 2013. In January 2014 the Spanish unemployment figure dropped to 23.7%, a year on year decline of 3.24%.
According to Fitch, the decline in unemployment together with more available credit as a result of greater home ownership finance and Spanish banks returning to their core business of lending were indicators that the general economic environment in Spain is gearing for a recovery.
Interest rates are currently low and the cost of servicing debt is expected to remain manageable in the short- to medium-term.
Filed under: http://www.theleader.info/article/46438/
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