“Prices drop, opportunities increase” was the slogan at Malaga’s Real Estate Expo (SIMED) last week. With 24,000 finished or nearly houses and apartment still waiting for buyers, SIMED came up with a most unusual – if pricey – offer for anyone who could fork out €780,000 (plus IVA) before the expo ended last Sunday. For that amount, the lucky buyer gets a four-bedroom house in one of Malaga city’s best areas, El Palo, and a one-bedroom apartment near a golf course in Vélez-Malaga. One exhibitor said: “This year we’ve only come to sell, there’ll be no partying.” And it was a much smaller event this year – 17 developers occupying and area of 3,500 m2, down from 109 developers and 16,500 m2 last year.
EXPO REFLECTS REAL ESTATE CRISIS