Mallorca Property & Mortgage Woe
Novi Property Mallorca
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Property sales in Mallorca and new mortgages in Mallorca continued to fall in August according to the latest data from the Instituto Nacional de Statistica. Mallorca property sales fell by 44% while the number of new mortgages reduced by nearly 50%.
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In Spain as a whole property sales transactions fell by 37% (23% in new home sales and 47% in the second hand market) These falls are blamed almost entirely on the lack of available credit / tightening credit conditions. With so much bad news since August the trend of falling sales seems likely to continue adding to the plight ofhouse builders with large amounts of unsold stock, particularly where they have had a highly geared business model.
"On the flip side" adds Novi Property's owner David Noviis that good buying opportunities, particularly in the Mallorca new homes sector are starting to emerge.
For further information contact David Novi BA MPhil MRICS at [email protected] or via www.novipropertymallorca.com
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