The Spanish housing market has reached an important milestone with official sources predicting that any remaining oversupply will be absorbed this year.

Following an improved 2010, the total property transactions increased by over 6.8%, substantially helped by some of the excellent opportunities in the market.

Spain’s Association of Developers and Constructors (APCE) projected that, at this rate of property transactions, the Spanish housing market should recover considerably in 2011. With more property being sold than built, the outlook for Spain’s property market is looking increasingly positive.

Rob Wilson, head of overseas at Rightmove confirms that the country is growing in popularity. Rightmove experienced an annual increase in searches for Spanish real estate, an increase of over 8%. It is also the number one destination for UK investors.“I don’t see any signs of Spain losing its number one slot for Brits looking to buy abroad,” Mr Wilson stated.

Source: Select Property