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More discounts from Spanish developers? |
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HOME >> NEWS >> More discounts from Spanish developers? |
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March 3,2008
 There are going to be more property discounts in Spain from developers, the resales home market remains strong, the EUR 1M plus luxury homes sector is unchanged and "the property boom in Spain will restart towards the end of 2009".
That's the view of a leading Spanish property expert, Martin Dell, MD of web portal Kyero.com He was commenting on a story in the International Herald Tribune in which PropertyinSpain.Net executive, Terry Walker revealed the buying secrets for bargain bank repossessions in Spain.
Martin Dell said: "Property prices in Spain have long been determined by what the seller wants to make, rather than what the market dictates so I wonder whether we’re actually talking about real discounts against market-value prices or ‘notional’ discounts on unrealistic asking prices.
"One thing is certain, the most distressed sellers are the developers of unsold new-builds or individuals who over-committed to buying off-plan. It’s the people who must sell now who are offering the better prices. In the resales world, we’re seeing higher search and enquiry levels than ever and agents are reporting strong sales of reasonably-priced properties - mostly away from the coast.
"At the other end of the spectrum, sales of luxury homes seem to continue as normal because property buyers spending over a million euros on a second or third home probably aren’t reliant on credit or mortgages to purchase.
"In either case, I think the resales market will be pretty stable in Spain for the foreseeable future, and the off-plan market will be dominated by discounts. Buyers will continue to purchase reasonably-priced property throughout the country until the next boom cycles starts towards the end of 2009." added Martin Dell.
Source: http://www.propertyinspain.net/ |
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International Corporate Governance
This issue explores how governance attributes are directly related to the substantial variation - across both countries and companies - in ownership, investment and valuation. |
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