Re: Re: Costas – When will this market bottom?

Chris M

@logan wrote:

Then add to that the fact that so many expats want to leave Spain but cannot sell their properties. The picture is that of a market being hugely over supplied.

Don’t like to pick holes in what people say, particularly you Logan but on this point, I think this is a generalisation and one often picked up by the media also, that has no real basis in fact right now. Or at least not in our market. We don’t have a million – 600,000 – 100,000 – 50,000 or anything like that sum as an over supply. Nor do we have bundles from escapees or expats.

Our enquiries from Vendors would be roughly down in proportion to how the number of buyers fell, it is not the case that we are inundated with people looking to sell and get out, in fact from peak period to trough, if the buyer enquiries fell by 90% so did the vendor position. We and all other agents had a heck of a lot more resale properties on our books back through 98 – 08 than we have today.

There are admittedly some projects out Manilva way that are overbuilt and will sit empty for a while but each time I arrive and de[part from the stunning new Malaga airport with its capacity for 20 million visitors and I think back to when it could only handle 4-5 million, and I think back to the last – over supply time – being rapidly taken up – post the period of bust – I don’t see that being so much of a problem for our CDS coast, not a problem at all, our problem now is delivering what people really want at the price they want to pay. It often isn’t available, and believe it or not they have to act quick of the right property comes to the market.

Our clients also don’t have a finance or banking issue. In some cases far from it, they have some amazing finance offers.