The future of real estate sector in Spain through the VPO
The fall in the number of homes built and homes, has left out of play the residential market, with few experts who venture to pronounce on the evolution of this segment in the coming months.
The main uncertainty lies in how much drop the number of dwellings built and the number of houses that are unsold. However, since the property consultant Knight Frank go further and say that within this housing stock, estimated by industry sources in more than one million estate, must make distinctions.
"The first problem is to quantify the stock, but we should discriminate in this offer: there is a different behavior in different places, eg in the Madrid region, where there is a second home, the market is different, and within it is not the same the center of the city's third ring suburbs, "said Alberto Prieto, owner of Knight Frank partner.
The start of marketing of assets by financial institutions is, for Knight Frank, good news and call for the rapid exit of these assets to market, to give dynamism to the sector, marked by a slowdown in their activity.
"There are doubts whether the stock is being absorbed quickly. It is taking time to get product and we think it is a wrong position, "says Frédéric mangeant, partner at Knight Frank. Among the arguments, mangeant highlights the poor prospects for economic recovery for Spain. "It is not anticipated that the situation will improve in 2010, so the demand from buyers will not increase and may even worsen."
Future
The bulky stock accumulated after years of booming home construction requires a change in the model developer. "The future of the residential sector through adapting to the economic situation, namely social housing for rent. Much of the housing is now devoted to this profile, "says mangeant. "The fundamental crisis of housing focuses on the properties of the average, price has been high-end product," says Prieto.
Knight Frank's partners believe that the sector's recovery will come through the house with some protection, affordable price and by enabling access to finance easier.
"The system of protection of housing should be further simplified, unifying criteria among the different formulations of each autonomous region," officials emphasize Knight Frank, who feel the need to create a protected housing rental scheme, to reactivate the residential market. "Support should be given the figure of the corporate owner, through tax breaks, allowing a park stable rental housing," said Prieto.
Knight Frank specialists believe that once the existing stock is absorbed, which can extend three or four years, the residential sector will face another problem: the management of the accumulated soil. "The big problem is going to be residential on the ground, how can absorb all this land and what role they will play the banking industry to develop it," he says.
The Spanish property market than the worst of the recession
Will they raise prices? Can I sell my home more expensive if I wait a while? These are questions that still lack a definitive answer from the experts, but may be clarified soon. If the housing market consolidates data from the third quarter, far from absolute halt of activity in recent months, the worst of the crisis in residential construction in Spain would have gone and with it the collapse of prices.
That is the thesis that supports a comprehensive report by Caixa Catalunya driven and directed by Professor of Applied Economics at the UAB Josep Oliver, who along with Xavier Segura studied macro and micro contexts of production, supply, demand, funding and access to housing...
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Data really show an improvement in the housing market
The developers have applauded the mortgage data, which the INE grew 19% in September. "The trend is growing," said José Manuel Galindo, president of the management. But are we really about a revival in the housing market?.
Ya van 27 months of declines in the number of inter-mortgaged housing numbers get even the mellowing the 62,411 mortgages constituted in September 2009 are 4.2% less than the same period last year. Moreover, nearly half the 103,671 September 2007 and 114,685 the same month in 2006. ...