The Spanish real estate market is drawn "black" future

In all recent reports on the development of the real estate market of Spain, analysts argue that housing prices in the country have not yet reached the bottom and will continue to decline, Prian.ru reports.

The Spanish portal about real estate Idealista calculated that in April, real estate in Spain fell into 7.3% in annual calculus. During the month, the average cost of housing decreased by 0.8%.

The April price index from the TINSA portal shows that for 12 months housing in Spain has fallen in price by 4.4%, and on the coast of the Mediterranean Sea - 6.4%.

Analysts at the Standard & Poor's rating agency suggest that real estate prices in Spain will smoothly decline over the next 12-18 months, and the number of transactions, on the contrary, will gradually increase. Experts argue that in order to completely absorb the excessive proposal of unsold real estate, the market will need several more years.

Specialists of the Spanish Bank BBVA believe that in 2011, housing in the country will fit 10%. According to their estimates, the strongest collapse of prices will be observed on the coast, where resort houses are already worth 20% cheaper than last year.

Analysts at the Valencia Institute for Economic Research (IVIE) believe that in 2011, real estate prices in Spain will decrease by 12%. A huge number of unsold objects and rising rates on loans will contribute to a further drop in prices.