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'Blip' might be exaggerating state of Spain

Property experts have stressed that any fears of a collapse in the Spanish property market are misplaced.

Allegations of over-development and untenable price rises led to reports of an imminent bursting of the property bubble and some real estate companies resorted to panic selling of stocks.

However, according to the Federation of Overseas Property Developers, Agents and Consultants, (FOPDAC), the market may be slowing down, but this is in fact an indication of smarter investment from foreign buyers, with the majority of investors well aware that some fluctuation can always be expected.

Talking to CityWire, Martin Cox of FOPDAC members Global Currency Exchange Network said: "We are aware of a certain sentiment in the marketplace that Spanish property buying may be slowing down.

"However, as a company we are still transferring more Euros year on year to Spain."

He added: "Even a devaluation of ten per cent would not have a long term detrimental effect on the investment in this market which has been more than buoyant for well over ten years.

"I think the strongest word which one could use to describe archetypal coastal property purchasing in Spain currently would be a 'blip' and that may even be a slight exaggeration."

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