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Spanish property 'to continue to fall in value'

People who want to move abroad and become an expatriate in Spain may be interested to know that house prices in the country are set to fall even further, according to the Spanish Property Owners Guild (SPOG).

Paul Bradley, a spokesperson for the SPOG, said that the Spanish property market has crashed substantially and still has further to go with house prices down 16 per cent in 2008 and expected to keep falling throughout 2009.

"Developers of all sizes are going bankrupt every week, estate agents too. Banks will grant no new project or mortgage lending of any type," he said.

Mr Bradley went on to say that more people from Holland and Scandinavian countries are buying property and becoming an expatriate in Spain due the fall in the country’s house prices.

"There are some cash buyers but mainly from euro currency countries such as Holland," he added.

Research by the Association of International Property Professionals revealed that 25.4 per cent of all foreign properties purchased by UK buyers in 2007 were in Spain.

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