They reckon the stock held by banks and promotors of unsold properties has been exagerated:
…According to the calculations made by the construction management president Seopan, David Taguas, there are currently around 350.000 properties in stock pending a sale in the hands of promotors and banks. He said “It is a lot and it is a bad situation, but not as bad as it appears, as once things get back to normatlity, this is the equivalent of what would be a years demand of property for sale in a normal year”.
Well sales are now normal, not artificially inflated by easy money and excess equity from UK and Ireland’s property boom.
So on current rates it might take seven years to sell off that number and its increasing isn’t it? There are over 4% non performing loans officially, I wonder how many repercussions in the pipeline that is.
Those are the words of David Taguas, not mine…so don’t shoot the messenger 🙂 but valid point, Peterhun