Real estate sector and construction sector in Province Malaga has a dark years behind them, 2011 was the worst year since 1960. Only 1.186 new properties registered with the Malaga province’s architectural college, Colegio de arquitecto de Malaga, last year which was a decline by 50 percent since 2010.
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1.186 new properties were registered last year in 2011 compared to the figure for 2006 when 45.000 new properties were registered at the Malaga province’s architectural college, which is 37 times more.
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During the Property boom was Marbella, Velez Malaga, Mijas and Estepona that reported between 3.000-5.000 new properties per year, or Malaga City as reported between 6.000-7.000 new properties.
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The construction sector shows even gloomier figures. This is about a decline of between 80 to 90 percent.
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There is hope that properties construction can get started. According to José Prado, President of the Asociación de Constructors y Promotora de Malaga (ACP), the number of vacant properties declined from 22.000 to 15.000 in 2011. Hopefully, the stock continued to decline to 5.000 and 6.000 at the end of 2012.
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“There are many people who want to buy a home, but are either unemployed or are uncertain about whether they get to keep the job. The key word is confidence, and right now there is nothing, “said José Prado.
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The second factor that inhibits the sale of properties is that banks have closed the tap on mortgage loans.
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And the market prices for properties? Experts have for months said that much of the properties price is based on previous speculations and properties prices in general in Spain have fallen by 20 percent compared to the years of economic boom. They argue that more cuts needed to get the true value for Province Malaga property prices.
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Tags: Costa del Sol, Marbella apartments, Marbella Townhouses, Marbella villas, Property marbella
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