Spain Business
House prices in Spain down 30 percent, according to expert
By h.b.
May 15, 2008 - 7:47 AM

The price of housing in Spain has fallen in some areas by 30% over the past year according to Juan Carlos Sandoval. He is President of the Union de Créditos Inmobiliarios, UCI, company which is owned by the Santander and BNP Paribas banks.

Speaking yesterday he said that there was too much supply for too little demand and that the fall in prices has been seen in both new and resale property. Many large real estate promoters were now using offers and promotions to try and move some of their stock, he said, underlining that now was a good moment to buy property in Spain.

His statement comes as the Don Piso real estate agency has announced that it is to close 120 of its offices, with the loss of 350 jobs. The company is already in the red, with sales falling by 66% over the past year. Most of the offices to close are located in Cataluña. The company has 120 of its own offices and 140 more which operate under a franchise.