Goes to show that even the experts can fail to read the market. This quote was from Mark on 17/03/2011:
Definite signs of improvement
I am doing in-depth research into the Spanish holiday-home market the likes of which does not exist today in Spain.
Thanks to work-load of said research I’m too busy to go into it in depth right now, but I can tell you that I am seeing lots of signs of improvement.
Fail to read the market ❓ ❓ ❓ I would argue I was spot on. There has been a substantial improvement in the holiday-home market since March of 2011. If you head over to the blog you will find transaction figures showing a double-digit increase in sales to foreigners in 2011, and I think we will see the same in 2012. Of course the market is nothing like what it was in the boom (a period that wasn’t normal or sustainable), but it has improved considerably since the lows of 2010, and I can think of quite a number of agents, and some developers, that have had an excellent year. Which is not to say that everything is hunky-dory, far from it, but I wasn’t lying when I said I could see lots of signs of improvement……
All the buyers must be paying cash. INE stats show that in the first 10 months of the year there were 33% less mortgages taken out than in 2011!