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14 February 2012
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Spanish house prices down 20% from summer 2008 - developers group
Spanish residential prices have fallen 20% since summer 2008, according to Spain's major property developers under the umbrella of lobby group G-14. G-14 Chairman Pedro Perez called for government action, requesting fixed lines of credit for 20 years at a fixed interest rate of 4% with a two-year interest holiday. "Developers will not reduce prices below the amount that they owe the bank which in most cases is between 70% and 75% of the value of the developments," Perez said.