Spanish Homes

Spanish homeowners face tricky times
By Gavin Stamp
Business reporter, BBC News

Sunbathers on a beach in San Sebastian

Will homeowners get their fingers burnt as the property market dips?

For people looking to find a place in the Spanish sun, the past few days have been far from glorious.

Fears of a crash in the Spanish housing market, prompted by a sell-off in property shares, have made life uncomfortable for thousands of Brits who own homes or are looking to take the plunge and buy abroad.

But these worries have not deterred one would-be buyer.

"There are a lot of negatives around and I have no doubt that property values will go down in the short term," says Richard Leigh, from Wiltshire, who is buying a flat near Estepona, a town at the western end of the Costa del Sol.

"In the long term, I think prices will come back quite quickly. For those who hold their nerve and hang on, I don't think there will be a problem in a couple of years time."

The Spanish way of life is appealing to many Brits

Property glut

Such optimism has been in rare supply recently, with much of the talk about the Spanish market focusing on how severe a slowdown

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Courtesy: Spanish Homes | BBC News