Rising interest rates and house prices have begun to cool the Spanish economy, according to figures released on Wednesday by The National Statistics Insititute, prompting independent investors to consider newer developing markets like Dubai.
The National Statistics Institute said on Wednesday second-quarter year-on-year growth in gross domestic product was 4 per cent, down from the 4.1 per cent recorded in the first quarter. Construction, which accounts for nearly 20% of Spain's GDP, is the main laggard.
The new figures contrast sharply with annual growth rates of more than 15 per cent at the height of Spain's 10-year property boom. Time to start looking further afield for European property investors.
