HomeEspaña Announces Best Quarter for Property Sales Since 2004

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Spanish property sales are booming, according to figures released today by Costa Blanca estate agent HomeEspaña.

Some of the properties on the market now are so cheap that buyers can't resist. These are buyers who want to do something with their savings rather then put them away in a bank earning 2% or less, and at these prices the risk is minimal.

HomeEspaña's figures for Q2 2009 show 23.6% more property sales than Q1 2009, and 30% more sales than the same quarter in 2008. Overall, the number of property sales was the highest since the business was founded in 2004. But the news is not all good for Spanish property sellers: the average price for all properties sold in the period was just EUR100,000

The huge increase in sales and the low prices are connected, says managing director Kieran Byrne. "Some of the properties on the market now are so cheap that buyers can't resist. These are buyers who want to do something with their savings rather then put them away in a bank earning 2% or less, and at these prices the risk is minimal."

But it's not all good news. Sales at the higher end of the market have been very thin on the ground, mainly due to the lack of mortgages being offered by Spanish banks. But this too may be about to change, as 100% mortgages start to become available on certain properties.

It is of course far too early to say whether the market for Spanish property has turned, but Kieran is optimistic. "I definitely think the worst is over," he said, "but I think the climb back up will be steady. Everyone is more cautious now, and I don't think we'll return to the crazy price rises of the past few years just yet."

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Kieran Byrne
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