Spain luxury housing sector will recover the entire market

Thousands of objects holiday homes in Spain remain unsold, which leads to stagnation of the housing market of the country, reported the online source OPP , Referring to the message of the Spanish bank Bankinter. The Bank's experts believe that at least 30% from 700 000 units of real estate located in the market, can not be sold at current market prices. During seized for debts housing banks need to halve the asking price to sales began to grow. According Bankinter, if the average price of the object is 150 000 euros, the losses will be equal to about 30 billion euros, which means that the housing market recovery can only be expected by 2014, by which time prices will fall another 6%. Experts predict that in 2012 it will be sold only 200,000 units of real estate, and the same in the following. This is the lowest level for the past eight years, a 55% decrease compared with 2007, when it sold a record number of real estate units - 412 000. Now the excess housing is not increased, but due to lack of demand, rising unemployment, the debt crisis and another recession, the difference is not reduced. According to local experts, the situation will change, if there will be a revival in the luxury housing sector, which will create greater confidence in the market on the part of buyers. In addition, the Spanish government is taking effective measures to restore confidence in the domestic real estate market and stimulate the growth of the market. HomesOverseas.ru