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Spanish second home market 'looking bleak'
Spanish second home market 'looking bleak'
There are major fears that a slump in Spanish property prices will hit Britons who own holiday homes there hard in the pocket.
It is estimated that the 250,000 UK residents who own a second home in the country are at real risk of losing money on their investments.
Worries of a crash in the property market have resulted in overseas property investors selling their shares in housing and now sharp house price falls are a major possibility, according to experts.
Recently the market in Spain has been over inflated partly down to low interest rates across the continent in the last couple of years, but analysts say the economy is about to correct itself.
Lombard Street analysts were pessimistic about the effects a crash could have on UK homeowners with a place in the sun.
"The country is over-housed, households are over-indebted and the construction industry continues to churn out houses," their notes said.
"That is not good news for UK investors in Spain," added Diana Choyleva of the company.
It is believed that houses are currently over valued by 30 per cent in Spain, says the BBC.
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