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IMF expert warns over Spanish market
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The Spanish property market still faces big challenges despite the best intentions of the country's leaders to spark a resurgence, according to a market expert.
International Monetary Fund mission chief James Daniel claims the most likely turn of events for the near future will be further drops in the value of houses in Spain and other overseas property.
Mr Daniel believes the Government has been fairly forward-thinking in its battle against market turmoil, but even so, expects plenty of problems ahead.
A major hurdle will be the real estate sector, he said, with a considerable weight of unsold stock still on the market.
Despite admitting that "house prices probably also have further to fall", he did note a return to normality in housing sector employment claiming it to have re-hit its "historical average".
Copyright © Press Association 2011
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