2007 was not a good year for Agents in the Spanish Property market. The global credit crunch affected not only the US housing market but the knock on effect could be seen around the world including the Costa Blanca region of Spain which had seen unprecedented growth over recent years in towns like Moraira and Javea.
Moraira Property whilst not falling in value as much as areas such as the Costa del Sol have seen potential buyers standing off from purchasing property, waiting to see if the market has further to fall.
Javea property has also been damaged by the over-supply in the last few years of apartments which have been going up at an alarming rate. At one point the Javea skyline resembled East berlin after the fall of the wall there were so many construction cranes in evidence.
In early 2008 there seemed to be an increase in those looking for property. However a depreciating sterling exchange rate has helped to further dampen interest with any drop in the Euro value of property being undermined by, or even wiped out by the poor prevailing rate of exchange.
Interest still is present though in both Moraira and Javea and as properties for sale are beginning to dry up, the supply side of the economic curve may prove to be the solution to the property markets problems.