Percentage of People Considering Buying a Home Rises
July 5th, 2012
Although the storm of the crisis continues to rage hard over the housing market, it seems to have subsided slightly. According to the Consumer Confidence Indicator (CCI) for June, prepared by the Centre for Sociological Research (CIS), the percentage of Spanish people who are studying buying a home in the next year, has risen more than one point from May.
4.5% of those surveyed admitted that they plan to purchase a home in the next year compared to the 3.4% recorded in the fifth month of the year.
In this sense, more than half, 54.5% (against 48.4% in May), believe that the property prices will drop further next year, mainly because demand is falling.
These real estate data are consistent with the general confidence of consumers, which has increased slightly, one-tenth, due to better expectations over the progress of the economic situation of the country and, to a lesser extent, employment, although the number of households that cannot make ends meet without resorting to savings or debt have grown.
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Wow, that is good news. Though I agree along with the 54.5% that property prices will continue to fall over the next year, I don’t see it as though it is because of falling demand. Looking at the Costa Blanca, prices are ridiculously cheap compared to a few years ago … but down here on the Costa del Sol prices still need to come back into line by some margin.