The price of Spanish property is set to fall dramatically over the next three years, it has been suggested.
According to Spanish bank BBVA, values of homes will drop by as much as 25 per cent by 2011, with demand expected to be weak throughout the coming year.
The figures were unveiled by Jose Luis Escriva at a press conference called to present the BBVA's latest study into the real estate market in the country.
He noted that there are approximately one million unsold homes currently on the Spanish property market, a fact that those looking to purchase property in the country may welcome.
Overseas buyers looking to buy a home in Spain are likely to have greater choice in the current market and may be able to pay lower-than-expected prices.
