Despite price falls of 8% this year, the market is beginning to stabilize and now is the time to buy according to Spain’s Ministry of Housing.
"Talk of a slump (in prices) is no longer fitting” said an official from the Housing Ministry during a press conference for the Ministry’s latest quarterly housing market figures. National average prices have fallen 8% over 12 months although the pace of the price falls has eased in the past few months.
Not everyone agrees that the worst is over. A Reuters housing poll of Spanish and foreign-based economists found that on average prices were expected to fall 32 percent from their 2007 peak. So far they have fallen just 7% in nominal terms, according to the Ministry of Housing’s figures.
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