They are still slashing prices in Spain. Developer, Taylor Wimpey de Espana, is knocking off 50 per cent on some “remaining stock”.
In a bid to gee up the market, the developer claims it is “offering the last chance to purchase completed homes in hot locations across Spain”, emphasising that sales in August 2010 were 30 per cent higher than twelve months previous.
Spain's troubles are far from over – prices are still falling, down -3.7 per cent over twelve months Knight Frank reports.
The economy, the foundation for any housing market, remains troubled. Spain may re-enter recession, because of government austerity cuts and suffer “a decade of deflation, stagnation and sky high unemployment” while its trade balance is restored to equilbrium warns consultancy, Capital Economics.
Spain may withdraw from the Eurozone, a move that would not be welcomed by owners of Spanish homes, especially those from overseas. Re-adopting the peseta could devalue Spanish property in international currency terms, because it is likely to be worth less than the Euro.
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