Spain sees increase in distressed property listings
Spain has seen a massive increase in its level of distressed property listings, the latest index from the Royal Institution of Chartered Surveyors (Rics) has revealed.
According to its Global Distressed Property Monitor, the pace of economic recovery in many markets and rising interest rates are causing listings to rise.
In the coming three months, Ireland, Spain, Hungary and Italy expect the highest numbers of distressed properties to come to market, while Russia, China, South Africa and Poland expect the lowest.
The news could encourage a number of investors to consider purchasing a distressed property in Spain, with such homes often selling for a price well below actual market value.
"As the global economy continues to strengthen, central banks must begin to address the spectre of rising inflation; a threat which is compounded in some markets by the continuing European sovereign debt crisis," said Simon Rubinsohn, Rics chief economist.
Meanwhile, the report added that in Spain, Ireland, Italy and the UK expected supply far exceeds demand, something which could put downward pressure on values.
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