Keith’s weekly property news November 7-2021
Very short notes this week; it was a busy Sunday.
‘Close only counts with hand grenades’. In a week where we got so close on a couple of deals, USD pressures collapsed a few transactions. Well, that was the first part of the week. The second half of the week saw a feeding frenzy as we picked off some good properties and ones that had been kicking around on my hit list for a few weeks. Always good to get those under the belt. I feel the market is too competitive to miss on many of those, as good opportunities are not unlimited.
Although lending rates have been slashed, they are still high and there has not been a noticeable impact…yet. I think that will start to be felt in the coming weeks as people start hitting the streets scouring for property. The budget range, 400-700.000 Try, will be the most active, being in the range of the majority of the buyers who often use finance as a supplement to personal savings or loans organised within the family.
I expect a lot of this activity will further put upward pressures on prices on the secondary market. Luckily, we still seem to be moving in on deals around the 10.000Try/sqm mark, though of course a fair bit higher if there are views, terraces or a new or historical building.
On the tourism front, there seems to be huge surge in numbers, with no sign of abating. Barring any unforeseen events, next year could be another record-breaking year.
On a practical note, again whatsapp was a bit overwhelming for me this week. My apologies for delayed response time. We are working on solutions for this and also for trying to increase our capacity for dealing with clients 1 to 1.
Also please join the semi-private zooms as they can be a good way to gather information.
Property links to be distributed during zoom session.