Who has never dreamt to buy a wonderful house? Not an apartment or a simple house, I am talking about big, bright and beautiful houses, maybe with a pool and obviously located in some prestigious area?
This is certainly the dream of many people, but for many it will be forever a dream. Then, if somebody was hoping that with the crisis, prices would have fallen down, unfortunately he has been disappointed. There were some lowering, in fact, but they have been quite small, especially in Italy. In the rest of Europe, prices have fallen with more decision; this could be a good time for those who wish to take advantage of real estate sales in London. And this way, going on holiday in the British capital is even more fascinating, without being subject to rules and schedules of the hotel. There are a lot of real estate agencies in Italy that deal with finding property abroad for their customers.
But even in Italy offers do not lack. Prestigious buildings in all our beautiful cities are several; you just should rely on the right property agency, able to discover a world of comfort.
There is air of crisis, therefore, also in the real estate market, especially abroad. There are a lot of large and beautiful houses, often belonging to celebrities, who have serious difficulty finding buyers. In the U.S. the most affected by the crisis, the real estate market in California is practically cornered since at least a year, and now there is a big risk of severe crisis also in other two well-known markets.
The first is the high bracket of Manhattan, which once was believed to be impervious to any crisis or failure of the economy. This market has spent almost the last quarter of 2008 to revitalize and reduce their prices in order to sell. In the end, the owners had to sell their dream houses for half of their value.
But these were the fortunate owners, because for example other property, that once would have been sold at very crazy prices, and now are on the market at very low prices and despite all still remain unsold. Unfortunately still for some time the high-end luxury property market will probably continue to weaken because on one hand there are the owners that in hard times, like what we are experiencing, have need for some fast cash and on the other hand there are users who can not spend and that avoid too risky investments.
Another real estate market heavily at risk is that of London, whose value of luxury properties in the 9 most expensive districts fell by 17% over last year, a heavy data. Just like New York, London is a major financial center and as a result of the crisis, a lot of managers and senior management in the banking, financial and insurance sector and in industries and activities related have lost their job and this had a decisive impact on the market. The number of houses and apartments for sale for at least a million pounds compared to last year decreased by 49% compared to those of 2007, and it is bitterly expected that the value of luxury accommodation in London can reduce up to 30%, thus inflicting a fatal blow to the whole real estate market.
The crisis will not last forever, and financial sectors probably and cautiously will recover, but for the moment the real estate market is experiencing this great crisis, and for those who put some money aside, this would be a good time to buy a beautiful home spending much less money than the real value of the property.
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