bonitatime
06-10-2011, 11:32
http://www.eldia.es/2011-10-06/economia/2-Tinsa-calcula-stock-inmobiliario-isleno-tardara-venderse-cuatro-anos.htm
There are 40.000 new living accommodation dwellings for sale on the islands which will take approx. 4 years to sell according to calculations made by the valuers Tinsa, who considered that, during this time, there are still possibilities that prices will go further down.
Yesterday before taking part in a workshop organised by the Santa Cruz Business associationn ccconjunction with the construction association (Fepeco), the representative in the Canaries of TINSA, Isabel Loro, indicated that at the present rhythm of house sales, which is approx. 8-11 homes for every 1000 inhabitants, the backlog will take until 2015 until they are sold.
Tinsa used statistics provided by the Ministerio de Fomento, which it has to be remembered only calculate dwellings that have never been sold and not those which are on the resale market for what ever reason.
According to Fomento, the majority of this "stock" is in the Ares covered by Tenerife with 23.400 dwellings. Also in 2010 the western isles sold at a slower rate than the eastern isles. Las Lamas reduced by approx 6 percent. Loro reminded that the two provinces had “Different business realities”.
Also, she advised, this “stock” could also increase when properties acquired by businesses in RIC (a system which allowed money to be invested in the Canaries as a tax break) up to 2007. These properties which were in principal rented out had to be in the owners hands for a minimum of five years so could be re-introduced onto the market as early as 3013. a
In the time needed to eliminate this “stock” the islands could see new decreases in prices according to the TINSA large account director, Fernando Montero, who reminded that prices have averagely decreased 20% on the islands during the crisis.
Anyway he advised, the adjustment of prices is dynamic and depends on several variables such as employment. “The base of the market”, he explained “will be reached when the needs of the buyer who need finance and the interests of the finance people and the property promoters have balanced”.
The vice-president of Fepeco, Ángeles Palmero, signalled that the Tenerife constructors are “very preoccupied” by this evaluation and he also criticized the financial institutions for not, “Collaborating by giving loans”, to those who need finance to buy property.
"There needs to be caution but not total abandonment of an entire sector of business, especially one which in the past has allowed banks to earn a great deal of money”, said Palmero, who also lamented that “it seems” that the construction industry was to “blame” for the crisis.
He also added, that the banks have created an “unfair competition” when they are selling properties from their own stock. They are showing these to clients when they solicit finance from the banks to buy a home they have already chosen.
Lastly the vice-president of the islands business association talked about employment in general as “what is needed” and having an overall importance behind which it drags other activities.
There are 40.000 new living accommodation dwellings for sale on the islands which will take approx. 4 years to sell according to calculations made by the valuers Tinsa, who considered that, during this time, there are still possibilities that prices will go further down.
Yesterday before taking part in a workshop organised by the Santa Cruz Business associationn ccconjunction with the construction association (Fepeco), the representative in the Canaries of TINSA, Isabel Loro, indicated that at the present rhythm of house sales, which is approx. 8-11 homes for every 1000 inhabitants, the backlog will take until 2015 until they are sold.
Tinsa used statistics provided by the Ministerio de Fomento, which it has to be remembered only calculate dwellings that have never been sold and not those which are on the resale market for what ever reason.
According to Fomento, the majority of this "stock" is in the Ares covered by Tenerife with 23.400 dwellings. Also in 2010 the western isles sold at a slower rate than the eastern isles. Las Lamas reduced by approx 6 percent. Loro reminded that the two provinces had “Different business realities”.
Also, she advised, this “stock” could also increase when properties acquired by businesses in RIC (a system which allowed money to be invested in the Canaries as a tax break) up to 2007. These properties which were in principal rented out had to be in the owners hands for a minimum of five years so could be re-introduced onto the market as early as 3013. a
In the time needed to eliminate this “stock” the islands could see new decreases in prices according to the TINSA large account director, Fernando Montero, who reminded that prices have averagely decreased 20% on the islands during the crisis.
Anyway he advised, the adjustment of prices is dynamic and depends on several variables such as employment. “The base of the market”, he explained “will be reached when the needs of the buyer who need finance and the interests of the finance people and the property promoters have balanced”.
The vice-president of Fepeco, Ángeles Palmero, signalled that the Tenerife constructors are “very preoccupied” by this evaluation and he also criticized the financial institutions for not, “Collaborating by giving loans”, to those who need finance to buy property.
"There needs to be caution but not total abandonment of an entire sector of business, especially one which in the past has allowed banks to earn a great deal of money”, said Palmero, who also lamented that “it seems” that the construction industry was to “blame” for the crisis.
He also added, that the banks have created an “unfair competition” when they are selling properties from their own stock. They are showing these to clients when they solicit finance from the banks to buy a home they have already chosen.
Lastly the vice-president of the islands business association talked about employment in general as “what is needed” and having an overall importance behind which it drags other activities.