An article in the Times Online entitled “Still as Safe as houses” caught my eye as it suggested that the recent uncertainty around banks and guaranteed savings is leading people to invest once more in UK property – even though they are aware prices could fall further in the short term.
In Spain we have certainly noticed that the domestic market is still moving. Yesterday, while showing one of our clients a small development of apartments in Murcia, we were told that fifteen new sales contracts have been signed at that site in the past month. The majority of buyers are Spanish. So although Spain is also teetering on the edge of a recession people are still committing to property. Maybe this activity indicates people here also feel safer moving their cash from banks to buildings?
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