If as an asset manager you listened to sales organisations for your information and investment decisions your fund would soon be bust.
There needs to be a counter balance on here to the suggestion the market is turning. It is not. The current crisis in EU credit markets are enough indication that recovery in EZ peripheral states is a long way off.
You need hard data to convince sceptics such as I that the Spanish property market has bottomed out.
I completely agree with your argument, I am not disputing that. But not everyone is a data analyst/sceptic like yourself. This is why so many did purchase in the boom as there is not a great percentage of humans that sit in front a computer all day analysing the market. They listen to headlines and basically buy a property when they feel the need to or want to…..
People who can not really afford to buy a second home or holiday home, will be waiting, and for a long time, if they are waiting for someone to say that the market has bottomed out. The prices will very gradually go down….
All I will insist on is that there are buyers starting to look at the bargains creeping on to the market. For their main home really. I know first hand that in the costa dorada area, for example, estate agents have had sales of good properties in the best locations, these have been reduced in price already, but they have sold and they did not wait for the market to bottom out! People who do have the money spare, which is far and few between admitedly, are starting to look and will be doing so more and more now into 2011 to grab the good deals in good areas. Those who have recently purchased (in 2010) have not waited for the market to bottom out, and there are more like them around. It is the ones on the tight budget that will have a long wait to get that bargain, which is fair enough…but people with the money will buy if they think it is a good deal, they will not hang around, just like the ones who have purchased this past year have not hung around…properties did sell in 2010, so what about those?