Just 2.8pc of Spaniards plan to buy a home in 2013, according to the latest survey by Spain’s CIS research group, which produces the national consumer confidence index.
Consumer confidence fell 13.4pc in April compared to the previous month, one of the worst falls since the index started in 2004.
43pc think that house prices will fall more next year than this year, whilst 46pc think prices will stay the same. Only 5pc think house prices will actually start to rise next year.
79pc think the economic situation is worse today than 6 months ago, and more than half think it will get harder to find a job.
Funny! So most people think it will get worse next year, with only 2.8% of people buying, but nearly half still cling to the idea that prices will somehow STAY THE SAME! That’s despite the banks finally being put under pressure to sell their stock and so dramatically increase the number of properties available? Methinks that this 46% are homeowners with their head in the sand!
…not to mention that Greek holiday homes are about to become really cheap if they bring back the Drachma!
We are looking for an apartment in a specific area in Alicante. We have cash. Not a huge amount but nevertheless cash. We put an offer in on an apartment yesterday which was refused “because the bank will not accept less than the asking price and they have been reduced enough”. I questioned what was the mortgage on the apartment (a newly built block)130,000 Euros. They require us to pay the mortgage redemption fee ?? and all other costs. Our experience with the bank listed properties is that they are trying to offload the really awful flats and not releasing what will sell. In Alicante city anyway.
I forgot to add that the bank concerned is Bankia who this week were taken over by the Spanish government.
Greek Holiday Homes, Drachmer?????
Wait until you see when Spain has to reintroduce the Pesetas again. Spain has no choice. This country does not have the productivity, working moral, business ethics, innovativeness, honesty or north Europe. Spain is not south europe, its north Africa in most aspects.
Can we calculate on a 90% drop from the 2007 real estate prices, counted in real money……..
Are ýou going to buy!!! Now!!!
SO you like to loose money? Rent insted and let someone else loost the money. There will be more and more and more properties coming out in the market and prices will go down, down, down, down, down.
I think this is a very crucial piece of data but it is hard to interpret without more background. 2.8 % of 46 million people is a lot of homes but I would assume it is not 2,8% of the total population. Is it 2,8 % of employed inhabitants, 2,8 % of households? The other question that this data raises before it tells us anything is, if buying a home means buying a new home as a firts time buyer or swithcing in to a bigger home. In that case the net impact moneywise on the total stock is probably only 20-30 % compared to if it was first time buyers. Any chance to look at how this servey was conducted because clearly, this is the most important figure when trying to understand how big the overhang on the market really is.
i really do agree with bob as regards the economic situation of spain at present where the situation gets worse with the passing of each fiscal year. wonder when spain will get back on its feet again . it sure is a beautiful country with lots of hardworking and sincere people.surely government policies should change drastically now and the country prosper once again…….
To Prakash. quote “country with lots of hardworking and sincere people”.
This is a forum about spain…. you must be confusing spain with another coutry.
I have lived in Spain for some years and i have not met one single “hardworking and sincere people” yet.
Spain is more north Africa than south Europe.
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