presenting a much less optimistic outlook of construction companies on the future market situation after two years of relative stabilisation.
You have known this for the past 2 years. If the banks are not lending because of the Euro crises, building will slow down. The money to buy the projects is not there, This will not mean much of a decrease in prices because there is a "finite" limit on being profitable and going broke. There is no point in companies investing millions/billions on projects they cannot sell. Speculative builing will stop and only projects which are subscribed by at least 50% "off plan" will be built with gurantees/insurance for the finished project.
Because of the same mortgage lending problems in the UK, housing construction has reached its lowest level in 50 years, the demand is there but the finances are not.
This week the banks have again stopped lending to each other, reminicent of the 2008 crash. Even the govenor of the Bank of England has stated this week that he "does not know what is happening tomorrow", so much for the experts. The world has never seen a problem like the "Euro" and its impossible to know the full repercussions of a possible collapse.
Companies, banks, hedge funds are sat on billions in cash and will not invest until this mess sorts itself out.
All anybody can do is sit back and wait. If you like gambling you can try the stock market or currencies, but, you are up against the rich with insider information.