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Property Market Recovery – Update
The indications are that the property market has bottomed out. According to G-14, the committee of directors of Spains´s leading developers, the market for new homes is officially on the road to a mild recovery. “There is basis for optimism in the latest figures for September from the National Institute of Statistics”, they state. “Sales have risen for 5 consecutive months although year on year they are still down by 20% and compared to September two years ago, they are down 42%. Sales are bouncing back now largely due to lower prices and stricter controls on mortgage lending. However, for the recovery to continue developers have to make every effort possible to make Spanish property prices more attractive”.
All this seems to indicate that now is the time to buy…we know for a fact that there are crazy bargains to be had right now and we know of buyers offering way below the asking price and getting it…if you have been waiting for the right time to buy, all the indications are that this is it!!
Speaking to Estate Agent friends here all the signs are that investors and bargain hunters have started a mini buying spree and they are already running out of bargain basement properties to sell. If you are interested in investment opportunities contact us now!!
Spanish property market recovery?
Latest figures show an increase in Spanish property sales for two months in a row, May and June. However house prices are still at their lowest level for years as buyers are primarily in the cash/investor sector, snapping up bargains in the distressed and repossessed market. Estate agents warn it will still be some time before we see prices begin to rise…..that won´t happen until the banks start to lend again, probably not until next year or even 2011.
Good news for the rental market though, more people than ever need or want to rent their home in the sun and demand is still high, so if you are reasonable with your price there is a good chance of long-term rental over the winter. We are also seeing an increase in holiday enquiries for next year, many have foregone their holiday this year but are keen to get early bargains to ensure they don´t miss out next year.
Good prices is the key to rental bookings at the moment…our advice is to do whatever you can now to get those weeks booked…a bird in the hand….!! If you need help or advice with long term or holiday rental give us a call or email us
