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November 7, 2014

Spanish property market starts to revive

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Spanish property market starts to revive

Minister of Economy and Competitiveness of Spain, Luis de Guindos,  spoke yesterday at the opening of the annual congress of the Spanish Confederation of managers and executives (CEDE), which was held in Seville.

According to the minister, the Spanish real estate sector is reviving. So says Minister of Economy and Competitiveness Luis de Guindos, who bases his statements on the results of the national economy for the current year. In addition, the economy minister said that “Spain's GDP will grow by 2% in 2015”, a situation which will be further strengthened by the fact that “the decline in the real estate prices has reached the bottom,” said de Guindos. Data provided by the Minister, is also supported by the fact that the percentage of the issuance of new mortgage loans to purchase residential real estate, according to the National Statistics Institute of Spain (INE), increased by 23.8% in August 2014 on an annualized basis, representing thus the third consecutive month increase of this trend.

With optimistic mood, Minister of Economy of Spain noted that the budget deficit now has nothing to do with the index of 2011, when “it was untenable” and stressed two key factors: the exchange rate of the euro and the way to reduce the price of raw materials, particularly oil, considered a significant improvement and will affect favorable in the next six months to the strengthening of the Spanish economy.

All indicates, according to the minister , that Spain in the near future will grow in completely separate way than Europe. And it will be so, because, among other reasons, thanks to the made reforms of the banking system, the reduction of private debt in more than 400,000 million euros, increasing productivity and exports, which will also continue to grow.

Nevertheless, Spain's economy minister said that “we are not immune from what is happening in Europe [in relation to the possibility of slower economic growth in countries such as France and Germany], and we managed to achieve what the third quarter is similar to the second. “However, he stressed the need to reduce the amount of government debt. In this regard, he recalled that the latest data from the Bank of Spain testify that the property prices fell by 40% and increases the percentage of lending to households and medium-sized enterprises for the purchase of real estate by 10%.

 

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