Demand is at an all-time low as an increasing amount of property is flooding the market. Surprisingly, the region has been slow in enacting some of the financial measures put in place in Europe and the US to stabilize and boost the real estate sectors. Mortgage rates (from those institutions that still offer mortgages) remain high, with no signs of relief for those burdened with properties decreased in value. In an unfortunate state of affairs, the banks and lending institutions are often treating existing and potential customers as potential liabilities and defaulters rather than as prized clients.
Through closer partnership with financial institutions or state-backed offerings, new and innovative financial products will be critical to generating any real boost in demand.
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