Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › Will people rent or stay away now the boom is over? › Reply To: Will people rent or stay away now the boom is over?
“We might be heading for a soft landing, or maybe we are bound for a crunch”
Whichever, although many may suffer, I believe that long term it is good for the market.
“high levels of foreclosures”
Many through the ignorance of the owners.
“lots of property companies going bust”
Through greed but will rise again when the market improves, under a different trading company.
“developments left half finished”
This is one thing that certainly doesn’t tempt people to buy in an area.
“I don’t subscribe to the soft landing scenario”
“But what do you think the Brits and other foreigners who dream of moving to Spain will do?”
Depends how they can fund and if they can sell their main home wherever, but with the market in the likes of UK not too good, they may not have a choice.
“Will they still come and rent instead”
I assume you mean as a resident?
If so, I think that over the next 12-18 months, anyone thinking of re-locating, unless have their own funds to do so and can afford the risk, will abandon their plans.
Time for investors to sit back for a while now and wait for the foreclosures to come to the market.
I believe that by the end of 2008 it could be a good time to consider investments.