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Home côté Floride STORMY WEATHER FOR REAL ESTATE AT THIS MOMENT | STORMY WEATHER FOR REAL ESTATE AT THIS MOMENT |
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Unsold apartments now number somewhere between 25,000 and 40,000 (according to our sources) and dozens more cancelled projects will not see the light of day. Building work has slowed down as developers wait for a recovery and also because the available stock does not match market demand. The credit crunch has slashed buying power and funds available to property buyers and they must continue to wait for the much longedfor recovery. 
The stricken property market is increasingly affecting individuals now as well as developers. Property auctions have become a new growth area and auction sales are heavily publicised. Only the larger, well-structured companies are managing to withstand the downturn by pursuing an agressive international sales strategy. They have the clout and flexibility to absorb buying back some of the unsold stock and putting it back on the property market, thus offsetting their costs while waiting for better days to come. It is to be hoped that this crisis will provide salutary lessons and rid the market of the speculation and uninformed developers who flock to areas such as Florida and the Côte d’Azur, the perennial favourite dream property locations. For European buyers it is an excellent time to do business.
However, before making an investment, make sure you are aware of any co-ownership charges and property taxes which can be quite high. At such prices, a well organised property purchase can be great value and very profitable. It is the ideal time to make good any stock-market losses. This window of opportunity will not last. There are some excellent deals out there right now, but if you delay you might be too late!
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