Jones Lang LaSalle: Property Prices Will Touch Bottom in 2014

Housing prices will touch the bottom as soon as in 2014 and since then they will stabilize and push higher the real estate property prices, basically among the general public, a construction company Jones Land LaSalle predicts.

Nonetheless, the director of the Residential, Banking and Saving Bank of the company, Carlos Ferrer-Bonsoms says that even though the prices reach their minimum level, “there will be no joy” due to the lack of financing, high unemployment rate and the loss of buying power within the company resulting from the crisis.

Additionally, he assures that in some areas the prices are already going up, like in the center of Madrid, districts of Chamberí and Salamanca or PAU in the north of the capital, where there are no new houses offers found.

An upward tendency has been also observed in San Sebastian and some other places in the north of the country.

Source: El Economista