Speaking to someone who works for a smallish agent and he says the agency is losing 3000 euros a month and they may have to close around Christmas. He also said there is a lack of people even looking so they can’t actually say a property is overpriced. Another agency says they haven’t sold a property for 5 weeks. Can’t just blame the sellers, many salespeople come along to value and they know less than the seller, having only lived/worked on the coast for less than a year.
The guy above told me that another issue is that spanish families who are in a position to move to something larger are held up because they cannot sell their property.
The thing is here that its not like an English market most people dont need to sell so they hold out for what they think there house to be worth realistic or unrealistic. The only real bargains are where the vendor is in financial trouble or is very ill and just wants to go back to the UK. The Spanish have there view of the price and wont sell below. However to be fair the spanish market is more like the market in the UK as when your a local you can take your time looking but obviously If your in the uk and want to buy somewhere you probably only have a couple of weeks twice a year to find what your looking for.
The market is defo flat but eventually it will come back, Personally I believe if you have money you can make good money now. The problem for most of us is that our money is tied up in property which we cant sell.
The interesting thing is to see what developers now do with a lot of the newer developments that are comming up to completion and the units arent sold, will they sit tight or will they take an offer?