Recent reports from www.Rightmove.co.uk/overseas/ indicate that property enquiries have increased by 150% with the majority of clients looking for a retirement or second home. Homeoverseas.co.uk support this view, stating that Spain and the Canaries have been the number 1 searched for property purchase destination with enquiries having grown by 31% on a month by month basis.
So, what does that mean for us at Sunway and you, the client?
Well, the number of enquiries we have received on properties for sale has increased month on month every year.In 2009 so far we have seen an increase of 38% in comparison to the number of enquiries for the whole of 2008. And despite being in the midst of a recession (yes, that dreaded word) we have sold more properties for clients this year so far than the whole of last year. It seems the recession will not dampen the dreams of those who are serious about buying in Tenerife. The recession has been a difficult time for many (I will elaborate on this in a minute) but it has started a new trend in the property scene....Knowledge....clients still able to buy are more savvy and do more research on buying procedures and property markets. There are many clued up investors watching the market in Tenerife and snapping up the bargains.
For those Estate Agents that know their stuff and deliver on their word, the past 2 years have seen them consolidating their positions and using their skills to find the best properties and best prices (for everything from the actual property price to the best removal services) for their clients. A good Estate Agent will provide a friendly, knowledgeable service which is flexible to your needs with none of that "hard selling" palaver that we are apparently notorious for!
Spain and the Canary Islands have also seen mortgage lending rise by 15% since May 2009. Things seem to be looking up for property buyers but this won´t last forever. While it can be difficult to predict how long bargain properties will be available for before values rise again, there has been whispers written recently that prices in Spain and the Canaries have now bottomed out. Those waiting for property prices to drop even more may be disappointed if they wait too long to invest.
While the recession is a potentially good investment period for those who can still afford to invest or buy a second home, things are dramatically different for those sellers that are nearing repossessions due to loss of jobs and/or higher mortgage interest rates. Regardless of all the statistics about increases in enquiries and amounts of properties sold, we are still nowhere near the figures of the reckless buying boom of the "good" times. Those sellers who do not need to sell can wait for a reasonable offer to come along but those desperate to sell can not.
Sunway´s advice to sellers is this....make sure you remain aware of levels of debt being accrued and build up the best relationship you can with banks and the Estate Agents your property is with. It can be so easy to bury our heads in the sand when it comes to debt and repossession threats but please don´t. We have seen first hand the devastation this can cause.
Some Estate Agents are now faced with a whole different set of procedures to navigate regarding repossessions. A good Estate Agent knows how best to help you sell your property and ensure all procedures are followed. They will know how to advise you in the run up to selling and advise you who to talk to for advice. They will be happy to go through your queries and will be able to expertly advise you. Here at Sunway Tenerife, we have 25 years of experience, some this experience having been gained by navigating our way through previous recessions with clients. Please contact us if you need any advice, as a seller, a buyer or an investor, on admin@sunway-tenerife.com.
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