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In this article, some ‘expert’ argues that corruption scandals will mean that paranoid town halls stop issuing building licences, which will turn off supply, so pushing up prices. Though I think it possible that in 5 years time there might be a shortage of property in a place like Marbella, in the short term I don’t buy the argument. For now, and for the immediate future, say next 18-24 months, there is a monumental glut of properties in many places. Because of the time lags inherent in the real estate sector, this won’t change soon, even if there are fewer building licences granted.
2007 is gonna be interesting.
Mark
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In this article, some ‘expert’ argues that corruption scandals will mean that paranoid town halls stop issuing building licences, which will turn off supply, so pushing up prices. Though I think it possible that in 5 years time there might be a shortage of property in a place like Marbella, in the short term I don’t buy the argument. For now, and for the immediate future, say next 18-24 months, there is a monumental glut of properties in many places. Because of the time lags inherent in the real estate sector, this won’t change soon, even if there are fewer building licences granted.
2007 is gonna be interesting.
Mark
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