Not much news to really talk about. It's the beginning of the year and we only just begin seeing activity from about mid February. It's pretty historic that way. August is dead because of summer holidays and December through mid February is the same because of Christmas and winter holidays. Today marks the start of business is some ways because school begins again today. That usually means parents are back at work too!
With that are published reports of how down the residential market is and how tough it might be to see any real progress. As I mentioned in a previous post, there are some 10,000 unsold apartments on the market. This coupled with developers looking to start new projects we're talking years to get to a balance in supply and demand. The buyers market scenario will be around for some time.
Now the question is when interest rates will begin to climb. That usually stirs some activity as buyers act on their buying impulse to get in before a rate hike.
Another interesting article, which I posted here (to the right) concerns banks having so many unsold flats and not being so proactive in their marketing and sales. Times might be changing on this as people around say that this year might mark a change in how the banks cooperate with their developer clients.
