Property on the Spanish Main Land is in a real slump. During the boom years, far too many houses/apartments were built, then, when the banking crisis, which hit Europe and the rest of the world came, all building stopped and a lot of building companies disappeared.
This left behind housing estates of part built houses and those house which had been completed and sold on these estates do not have the necessary infrastructure, leaving the owners living on a building site which look something like a ghost town and unable to sell.
This is not so on the Island of Tenerife, which belongs to Spain. TENERIFE PROPERTY market came to stand still and nearly all building work stopped, but there was never the over building that there was on main land Spain.
TENERIFE PROPERTY never slumped to the same extent, some owners desperate to sell, did lower the price especially if they owned more than one property, but with the few exceptions prices held level.
As of now August 2010, some of the previously stopped building projects which came to a stop, have now restarted and the banks are giving mortgages.
Some builders are running a Rent to Buy scheme over a two years. The rent you pay for the two years becomes the deposit for the mortgage.
The TENERIFE PROPERTY market has started to move, very slowly, but it is moving. Which can only be good for everyone.