Amazingly they are still starting and advertising new developments 😯 I think there is a lot of money laundering involved.
Katy, from where I stand, it is truly amazing!
To be honest, I’m not knowledgeable enough to know the reasons why, but I do get the feeling that there appears to have been some consensus over recent years, that the volume of developments and their underlying feasibility appears to lack basic logic and does not follow what I understand to be the “usual” economics of property development.
Can anyone think of a comparable situation, where developers speculatively build two or three times (just a guess) more property than the market requires? Surely the potential problems in the market today are the result of very poor due diligence? And therefore as Bernard suggested: @Bernard Hornung wrote:
created a sense of demand in excess of any actual demand, perceived or realised.
So who were/are the Emperors? Are they the Developers? The Agents? Banks? Lawyers? etc
From here on I feel it will be the prospect(ive) purchaser who will shout out loud from the crowd – “look – no clothes!” And who knows, the Emperor might just hear!