La Caixa: Property Market to Close the Year With Positive Figures

19/05/2014 – Expansion

After five years of adjustment, the market starts to show fresh traces of stabilization. Last year, transactions declined by mere 2.2%, while in 2012 their number tapered down by 11.5%. The tendency change on the job market and rise in overseas demand shall allow the sales to hit positive values at the end of the year.

With national demand deeply backwarded, the baton is being taken up by international investors. According to La Caixa´s monthly report, foreign purchases target mostly at provinces with large number of exisiting houses. Around 88% of them shine along the Mediterranean coast and on the islands. Both regions represent 50% of the entire unsellable stock.

Moreover, arrival of the new buyers decelerated price slump in the areas and therefore speeded up beginning of the new cycle, while other regions fell behind.

The development of purchase intention within the upcoming 12 months shows a little climb. Other subjects raised in the report are the importance of tourism, the European elections and Spain´s biggest listed real estate firms´ final crawl out from the recession.

 

Original article: Expansión (by V. Cruzado)

Translation: AURA REE

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