Property prices have faced depreciation owing to the current recession. The number of takers for the properties have drastically reduced hence the market has suffered.
Industries have stood and fought the downfall and slowly every sector is bulging out. Buyers are taking a feel of the market and are waiting for prices to go down further while builders are not mentally prepared to drop prices because they think it’s a temporary phase. This delusion has lead to a stagnant state.
The expectation is that the phase would slowly fade and the markets would flair in the second half of 2009.
Would like to know more about the effects of recession on real estate hence please share your views regarding this topic.
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