So, forget about negative media hype. Lets review the facts:
- The Spanish ministry of housing has reported that on average house prices in Spain have risen by 5.7% in 2007 (report compiled in Oct 07).
- There is a 37% reduction in new build construction in 2007.
- New property and planning laws are more controlled than ever with all plans and projects being approved by Central Government agencies.
What does this mean ??
For current home owners here in Duquesa and the province of Malaga property prices are enjoying a very steady increase in price (all be it a very small one !). So even though the demand for buying property is not as strong as before your property is holding its value and is still a good long term investment.
The laws of supply and demand are of course applicable and as new build construction is down by over 33% this means that over time demand will again outweigh supply and the property market will naturally return to being buoyant and prices will increase.
New planning laws will ensure that the natural beauty of the Duquesa area is maintained to the highest possible standards regarding environmental issues and the aesthetic beauty of the area. As consumer confidence increases in the worldwide property market buyers will naturally be attracted back to Duquesa and we will enjoy a return to the property boom.
What will happen to the property market in Duquesa in the future ?
My personal opinion, which is one that is shared by many Real Estate professionals in the area, is that in the long term the future is very bright for Duquesa and its property market. The current situation is simply a necessary adjustment to the market and not the crisis that the media love to portray. As with any market there are booms and slower periods. We are currently experiencing a natural slow down which in the long term will result in a much more professional Real Estate market, more realistic property prices and higher quality build specifications and regulating in the area. It is now an excellent time to buy property in Duquesa as the prices are more realistic and the long term potential growth in the Duquesa area looks superb !
What shall i do now ?
If you are struggling to pay your mortgage or cannot sell your property many home owners are looking to re-mortgage their property to arrange a more favourable interest rate or to switch to an interest only mortgage. For mortgage advice on interest only mortgages contact me on info@barringtonhomes.eu Other owners may wish to rent their property for either holiday rentals or long term rentals in Duquesa by doing this owners can generate a good income from their property which can then sell at a later stage as the market improves.
By marketing your property for sale at a 'realistic price' there is still a good demand for property in the Duquesa area. If you would like to sell your property by placing it with a reputable and proactive estate agent in Duquesa many people can still generate a good return on their investment.
The real point to emphasis in this blog is that yes, the property market isn't as buoyant as in previous years, but it isn't all bad, and in fact, given time we will look back on this period as being a 'cleansing process' for property in Spain by choosing to invest in such a beautiful and sought after area as Duquesa you have made a good decision.
For advice on property sales in Duquesa or if your are looking to buy a property in Duquesa log on to http://www.barringtonhomes.eu/
