Spanish property prices have reached their bottom. This statement was made by Javier Sainz, the head of real estate bank BBVA, reports ee24.com citing Idealista.com.
According to experts, from the beginning of the year, the Spanish market shows the trend towards recovery, and in the summer the market finally hit the bottom. And it means that it will not get any more serious collapse in prices that have plagued the market all the past years. This is reflected in the actions of investors who are not afraid to invest in the Spanish market.
At the same time the disturbing reports of increasing arrears on the mortgage arise. In particular, the agency S&P warns of growth of the average period of overdue payments to 90 days. And in the second quarter of this year NPLs reached the maximum ever level at 5.82%. This is 40% higher than the figure for the same period last year.
Agency experts argue that the growth of large arrears on the mortgage by 13% due to the high unemployment and declining incomes of Spanish households.