The seventh edition of the Mediterranean Real Estate Exhibition (SIMed), which was held in the Exhibition and Congress Centre of Malaga since last Thursday 21 to Sunday, has been confirmed as the most important event of the sector in the region.
SIMed has thus positioned itself as the industry benchmark event in Andalusia, and also as a tool for companies and professionals that aims to boost sales and release the accumulated stock in many deals through unique and exclusive financial benefits, according to the Palace of Congresses in a statement
The atmosphere was much more lively than in the event of 2008, which was reflected by the number 0f transactions. According to a statement issued yesterday by the organizers, “the show has been very positive” and up to 6,600 potential buyers have completed property application forms. It is estimated that sales volume will increase from two to three times as a result of contacts made during the event. This year 48 exhibitors participated, compared to 22 who took part in the 2009 edition.
Some developers have refined their approach and sales tools. Many discounts reached 40% in certain promotions. In others, the promoters deducted from the price a year of mortgage payments , community tax and household insurance costs. The fact that this year is the last in which the buyer can benefit from tax relief has been able to influence the final purchase decisions undertaken.
In the second quarter this year 7,172 homes, were sold in the province of Málaga up 31% over the same period from 2009. In the last two and half years, housing prices in the Costa del Sol, especially second homes, have fallen around 20%. The president of the Associated Builders and Developers in Malaga (ACP), José Prado, said at the beginning of SIMed that prices will not fall over. Although in previous editions of SIMed, Prado had predicted that there would be no sales.
The main complaint of the promoters has been, once again, the funding difficulties faced by buyers. The promoters believe that banks and savings banks are giving more facilities to facilitate property sales of its own reservoir of foreclosed homes.
The real estate exhibition also organized a debate between former ministers Jordi Sevilla (PSOE) and Manuel Pimentel (PP). They agreed on the need for government and opposition to agree on basic issues such as how to generate the confidence necessary to lift the economy. SIMed was completed this year with an exhibition on energy efficiency in buildings, which included 4,000 participants.
