And if this (crazy) person buys all these “bargain” units it will have to be very long term. ( the last property slump lasted more than 5 years and there was less construction then.) What will they do with them in the meantime? Rentals have hit the floor and will get worse because unemployment is rising fast. Taxes still need to be paid on empty units and they will need maintaining. Ever seen a spanish property that is not lived in and left 😯
I would say “no way, José”! Buy for pleasure but look on it as only an investment in improving the quality of your life.
unemployment will get even worse if the housing market crashes too with so many people employed in the construction sector, and the proportion of gdp in the construction sector. I’ve never been one who believed the soft landing talk, and am of the opinion it was wishful thinking from agents, etc. to try and almost bring about a soft landing cos the alternative doesn’t bear thinking about, i foresee 2008 as the critical year in the cycle. I certainly wouldn’t be bargain hunting at the moment, things will almost certainly get worse and there aren’t really too many bargains out there at present.