THE housing market will pick up again in 2011, although its progress will be slow, says a leading construction workers’ federation.

Off-plan properties will probably not sell within the next three years, due to buyers’ lack of trust and fears that they will lose their money.

But properties that are built and ready to move into should start to sell again within two years, says the leader of the Valencian Federation of Construction Business Owners (FEVEC), Juan Eloy Durá.

The market will take its time to build up again because of buyers having problems obtaining mortgages, he believes.

Its slow progress will also be caused by the high numbers of houses left on the market, due to property speculation and repossessions.

This will particularly be so on the coast, and even more so in the Comunidad Valenciana where a large number of properties are second homes, a luxury hard-pressed householders cannot afford.

Durá believes property promoters are largely to blame for the recent rocketing land prices.

“It’s our fault, we were wrong,” he admits.

“Neither the state nor the people should have to pay for it – it’s our responsibility and we have to face up to it.”

He says the ‘most professional’ promoters, particularly those who are able to stay in the market and control their expenses for a further two or three years should remain in business.

“But it won’t be like it was before,” Durá warns.

“The only properties that are selling now are VPOs [government-subsidised housing for those on low incomes].”