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Spain’s $6 trillion home market faces second crash in decade

According to Bloomberg, Spain’s $6 trillion home market looks headed toward another crash, according to economists who are studying the impact on property demand stemming from Europe’s strictest pandemic lockdown. Experts who study the Spanish market say the hit to housing prices in 2020 could range from 6.5% to 15%.

Navarra and Castilla y Leon, two of the regions with the highest infection rates, showed some of the biggest declines in asking prices in May, versus a year earlier, according to data compiled by Bloomberg from the Health Ministry, the INE statistics agency and Idealista.com, the largest property sales website.

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