Spanish market summary

Recently different reports have appeared in the press regarding the anticipated evolution of the Spanish real estate market in 2010. Unfortunately the previsions we receive from the various experts vary significantly from one another, ranging from those that anticipate an increase in some areas of Spain with less offer to the more defeatist who consider that the property prices in Spain still have to drop a further 20% but do not provide further details.

I believe that the information available for this market is quite scarce and the data we received from the INE (National Statistic Institute) does not help to clarify the matters nor reflect the reality of the market.

Some analysts assure that the crisis will last three years. They reach this conclusion by dividing one million stock units between 350.000 units’ sales per year. But I must ask: Are we speaking about the centre of Barcelona or about Seseña in Toledo where a project of 3.000 units in a town of 13.000 inhabitants has been paralysed? Or are we speaking about Tarragona that could have units to cover the demand of the next 9 years or of Baleares who could be left without any stock at all in eighteen months?

What is really clear to me is that it is of no use to give national figures or reach conclusions about the market globally. One region is not comparable to another; even in many cases one town is not comparable with its neighbouring town.

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