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"...an increase in foreign demand for housing forecast for the last quarter
of the year." Really? Expecting a few boat-loads of blind, dumb, and deaf
folk to hit the beach, are they? I think the good people at Aguirre Newman
are a little bit too blinkered; a little bit in need too of a reality
check.
Typically Spanish - Spain News
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Costa del Sol
Report confirms the slowdown in the property market on the Costa del Sol
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By h.b. - Mar 26, 2008 - 8:20 AM
The report was published yesterday by the Aguirre Newman consultants and shows property is taking as long as 56 months to sell
A new report from the consultancy firm Aguirre Newman, on the residential tourism market on the Costa del Sol, has shown that the current slow down in the sector and uncertainty in the financial sector is leaving 45% of newly constructed homes on the coast without a buyer, some 20% more than a year ago.
The report says the area is now suffering from an excess offer with a shortage of both national and foreign buyers, and that resale flats along the coast are now taking nearly 52 months to sell, while villas are taking nearly 56 months.
What is described as a timid adjustment in price, around 5% has been seen, although it notes larger falls in some areas; 12% in Mijas Costa and 15% in Sotogrande. Aguirre Newman has also noted that the number of homes offered for sale ‘off-plan’ has fallen by 9.5%.
There is some positive news in the report, with a prediction of an increase in foreign demand for housing forecast for the last quarter of the year.
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Report confirms the slowdown in the property market on the Costa del Sol
larger | smaller
By h.b. - Mar 26, 2008 - 8:20 AM
Archive Photo EFE
A new report from the consultancy firm Aguirre Newman, on the residential tourism market on the Costa del Sol, has shown that the current slow down in the sector and uncertainty in the financial sector is leaving 45% of newly constructed homes on the coast without a buyer, some 20% more than a year ago.
The report says the area is now suffering from an excess offer with a shortage of both national and foreign buyers, and that resale flats along the coast are now taking nearly 52 months to sell, while villas are taking nearly 56 months.
What is described as a timid adjustment in price, around 5% has been seen, although it notes larger falls in some areas; 12% in Mijas Costa and 15% in Sotogrande. Aguirre Newman has also noted that the number of homes offered for sale ‘off-plan’ has fallen by 9.5%.
There is some positive news in the report, with a prediction of an increase in foreign demand for housing forecast for the last quarter of the year.
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Readers' comments:
Pops
26 Mar 2008, 10:24
26 Mar 2008, 10:24
Bernard Hornung
26 Mar 2008, 20:19
26 Mar 2008, 20:19
All markets thrive on scarcity and momentum. An oversupplied market remains
vulnerable to falls, and evidence suggests that this market is
oversupplied. It is difficult to share any form of optimism, or even to
consider a possible upturn at year end. From previous experience in the
Sotogrande market it takes several years for any recovery to be achieved
and although history seldom repeats itself precisely it does have a certain
rythym.
Pops
26 Mar 2008, 20:50
26 Mar 2008, 20:50
Careful, Bernard, they'll be blaming the likes of us for the downturn next.
Bernard Hornung
27 Mar 2008, 10:49
27 Mar 2008, 10:49
One of the most perilous activities is to forecast anything. However last
time the recession started in 1987 when mortgage interest rate relief on
second homes for Spanish tax residents was abolished and IVA introduced.
The recession was not evident or reported until 1990.
The recovery was defined by the Ryder Cup in September 1997, and lasted until November 2003.
Those who ignore history are bound to make the same mistakes as previous generations have.
The problem this time is the scale of the oversupply, particularly in Sotogrande.
The recovery was defined by the Ryder Cup in September 1997, and lasted until November 2003.
Those who ignore history are bound to make the same mistakes as previous generations have.
The problem this time is the scale of the oversupply, particularly in Sotogrande.
Please keep to the subject. Opinions published here are of our visitors, not the Typically Spanish team. Comments which go against Spanish laws or which are libellous are not allowed. We reserve the right to delete any comment we wish.
Por favor, céntrate en el tema. Son las opiniones de los internautas, y no las de Typically Spanish. No está permitido verter comentarios contrarios a las leyes españolas o injuriantes. Reservado el derecho a eliminar los comentarios que consideremos fuera de tema.
Por favor, céntrate en el tema. Son las opiniones de los internautas, y no las de Typically Spanish. No está permitido verter comentarios contrarios a las leyes españolas o injuriantes. Reservado el derecho a eliminar los comentarios que consideremos fuera de tema.
