Spanish Minister for Housing: The Adjustment is Over
April 26th, 2010
The Minister for Housing, Beatriz Corredor, said today that according to the latest price data and construction activity, “the worst of the housing adjustment is over” and Spain has entered a “phase of stability.”
Corredor was speaking during the Low Cost Real Estate Exhibition, which opened its doors today at the Fira De Barcelona Montjuic, she stated that “the adjustment has been completed and we have moved to a phase of stabilization.”
Beatriz Corredor explained that although Spanish house prices continue to fall, they do so more moderately now, namely 4.5% in the first quarter of this year compared to the same period in 2009. But beyond the price drops, the minister said that the housing crisis has had two “serious” consequences: a surplus of property still for sale and a high rate of unemployment among construction workers who have been unable to find alternative employment.
The exhibition in Barcelona offers flats, houses, shops, offices and apartments for sale in Spain with price cuts of up to 40%. This year the event involves 95 exhibitors, nearly 46% less than last year, but most missing developers saying they have now sold all of their low-priced properties. Regardless of exhibitors, there have been a remarkable number of visitors on the first day, demonstrating a great number of buyers are still in search of a Spanish real estate bargain.
For anyone wishing to attend, the exhibition will be open until next Sunday, the 25th of April.
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