Martel Maides

Monday 11th August 2008, 1:30PM BST.

Martel Maides director Keith Enevoldsen. (0284573)

‘COMPARED with the UK, the local property market has been relatively unaffected by the credit crunch. Nevertheless, it has undoubtedly been a factor in the slowdown in sales activity we have seen this year.
‘Trends in the property market tend to be the result of a combination of factors rather than any one. The most important is confidence in the economy, so while the island has enjoyed relative affluence and full employment, property prices have risen steadily.
‘Perhaps fears over the impact of the credit crunch and the possible threat of a global recession, coupled with the stream of negative headlines about the UK housing market, have dented that confidence. We’ve seen buyers become more cautious and that is reflected in the drop-off in sales activity.