In other words there are few for sale. Prices in the best buildings, although down from their peak, have not fallen in most cases below the original price. Prices in buildings that are not prime quality, have lower occupancy rates and fewer owner occupiers, have fallen further than those in top locations. However, the owner s willingness to sell depends on how much he needs the money and his level of debt. If the level of debt is higher than the customer s offer there is unlikely to be a sale, because it is still easier for the owner to delay payments on a loan than sell at a loss.
Many foreign buyers expect a wide range to be available through forced sales.
This is not the case. New legislation should improve the mortgage enforcement process, but this will take time. Units are sold freehold or leasehold with co owners having a share in the legal entity that owns common areas of the building and decides on the management of the condominium. A manager with juristic status is elected, as well as a committee, to manage the condominium. The committee elections take place at the annual meeting of co-owners.