A recent survey carried out by ING International on the home-buying habits of countries reveals that Spaniards are no longer obsessed with buying their own home. According to the survey only 60% now believe that buying is better than renting, from a financial point of view, a figure which puts it behind many other countries such as Italy, the United Kingdom, France or even Germany, a country which has traditionally favored renting. This obviously begs the question is this just due to the recession or will this be longer lasting?
The survey also showed that even though 71% of Europeans think that house prices are high, many of them still think that prices will continue to rise next year. Spaniards and Dutch are the only Europeans who do not follow this trend, as they believe that house prices will continue to fall in their countries in 2013. Only 10% of those interviewed in Spain think prices will go up next year, while over 50% firmly believe they will go down. That would obviously make the local Spanish people extremely perceptive as it’s pretty clear that bar prime location areas such as Mallorca and Marbella prices are unlikely to rise in 2013 but if they will fall further that is very much more of a debate and you will see a huge variances in the different regions of Spain
In line with this, 80% of Spaniards think that house prices in Spain are high, a figure which is only surpassed by Luxemburg, Italy and Austria. Again one would have to agree with them but Spain has particularly unique problems where the incomes of the local residents do not match the property values and local housing needs to fall further for these families and first time buyer to enter the market.
So as for it being a seed change or just a short term feeling until the Spanish property recessions is over, only time will tell
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