Builders look on bright side for housing market in 2009

PALMA
THE Balearic Builders Association said yesterday that it expects the property market to pick up in the second quarter of 2009 as and when consumers are in a better position to purchase homes.

In spite of this, the association forecast that house construction is likely to touch rock bottom in the first half of the new year. It is therefore still possible that the number of homes remaining unsold is likely to increase as a result of difficulties encountered by buyers in obtaining a mortgage. But after that, the association claimed, the market will begin to recuperate “little by little”.