Spain’s gargantuan stock of bank repossessed homes has been dragging down house prices for years, but the depressing influence is starting to wear off as inventories decline, claims a spokesperson for Spain’s developers.
Repossessed inventories are not the problem they were. “The stock of property is no longer a distorting factor as it was in previous years,” claims Carolina Roca, representative on the Executive Committee of the Spanish Association of Building Developers (APCE in Spanish).
This year’s SIMA international property show in Spain’s gargantuan stock of bank repossessed homes has been dragging down house prices for years, but the depressing influence is starting to wear off as inventories decline, claim Spain’s developers. illustrated the way banks have changed their marketing in response to declining inventories of repos. “They’re no longer bombarding us with stock on their books, and this has gradually dropped into second place,” Roca told the Spanish press.
She also said that today’s buyers are more clued up than before, which has changed the face of the industry, as developers have to respond to more demanding clients.
SIMA 2015 had almost 10,000 properties on sale. More than half the homes for sale were located in Madrid, but there was also property in Alicante, Murcia, Malaga and Castellón. Show organisers claim public attendance was high, with many genuine house-hunters passing through the doors.
“This show has clearly illustrated that residential demand is starting to awake from its slumber of the last few years, which brought on by the economic crisis,” said Eloy Bohúa, general manager of Planner Exhibitions, who organised the show.