Government help needed for Spanish property market
Spanish property experts concerned for the future of the country’s real estate industry are calling for government help to boost house sales across the land.
Several news reports suggest that prices of property in Spain have fallen by around twenty per cent in the last four years but in reality agents confirm the depth of price depreciation is nearer to 40 per cent.
Residential real estate sales have dropped by 30 per cent on an annual basis when compared to 2010 and by up to 80 per cent on 2007 before the recession really took hold across the globe according to information from the General Council of Notaries.
Real estate specialists suggest a new stimulus package directed towards the property industry that would include tax cuts on the sale of residential Spanish property for both new and existing homes which should aid the depressed construction industry and boost falling employment figures.