Description
The global real-estate boom that started at the beginning of the century has driven prices to dizzying heights and led to massive housing construction in some parts of the world. But now the housing bubble seems about to burst in the most over-heated areas. The market is already sluggish and prices, new mortgages and sales are all dropping. In Spain, where the biggest construction boom has taken place, builders, promoters, estate agents, bankers, property owners and experts on the subject agree that the market has turned. Weakening prices are a sign of the times. Right now, a combination of rising interest rates and sky-high prices make buying a home a gruelling ordeal. Many potential buyers have simply been left out of the market.