3 months longer for developers to sell a new development

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06 Nov 2006 00:00 by EOS Team Star rating in In Spain of course!. 4017 posts Send private message

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I have translated the following article from idealista.com:

Buyers of new Spanish property now take an average of 3 months more time to decided on buying compared with last year, according to a study by CB Ellis.  "That joy that developers used to have when it came to selling their new development is no longer there.  If last year a development took between 4 and 6 months in getting it all sold, this year has taken between 7 and 9 months to sell it, particularly in coastal areas as second homes", explained Juan Antonio Leon Vice President of CB Ellis.  Currently there is a noticeable decrease in the profitability of property investment on the part of the developer, and the shift towards more profitable sectors such as commercial property, commercial centres, etc.


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