15:17
The Luxury Real Estate Market in Spain: "One thing above all others is very clear in Spain amongst a plethora of other countries, that is that the real estate sector has suffered horrendously in the last couple of years. The market can be segmented though and some areas have responded better than others of course. The better areas were cushioned from the recession and the areas of individual luxury Spanish villas and luxury real estate in Spain have fared a lot better than the areas where there are an oversupply of similar properties aiming at the middle or lower ends of the Spanish property market.
In Spain the luxury real estate market is now looking reasonably healthy. Prices have certainly dropped but they were the first to stabilise as soon as the excess stock was absorbed. Many people who had overstretched themselves got into trouble as interest rates rose to levels they hadn't been before and others in that area were bankers, lawyers and other professionals etc... whose industries disappeared almost overnight and they were unable to pay the large mortgage repayments that came with the territory."
In Spain the luxury real estate market is now looking reasonably healthy. Prices have certainly dropped but they were the first to stabilise as soon as the excess stock was absorbed. Many people who had overstretched themselves got into trouble as interest rates rose to levels they hadn't been before and others in that area were bankers, lawyers and other professionals etc... whose industries disappeared almost overnight and they were unable to pay the large mortgage repayments that came with the territory."
