Friday, May 16, 2008
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BBC News: Property slump in Spain
House prices in Spain are in freefall, with estate agents telling customers that prices are falling by up to thirty percent.
Brian O'Hanraha-hanrahan reports.
Posted by little professor @ 05:59 AM (624 views) Add Comment
5 Comments
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1. hpwatcher said...
I think the amount of illegal building of homes on land without proper planning permission far worse news that the drop in prices.
2. Landedgentry said...
Well at least the Spanish will have their country back and be rid of these scummy types.
3. Peter Kiddle said...
30% drops are only the start for the over-bloated Spanish housing market.
A realtor I spoke to in southern Spain is predicting 60% drops in some areas.
4. plato said...
My pet subject, this one.
I predict the Costas will be worse than the UK. Why ? Because property there is really mostly for luxury. It's not part of a real endemic economy. It brought fast progress and will bring equal regression.
I can see average 50%+ falls by the time this bottoms out.
Landedgentry : Very realistic point.
5. crash bandicoot said...
plato, I'm with you. Property prices in Spain were only funded by dizzy ex-pats selling their right-to-buy houses at overblown UK prices. Now this line of finance is gone they will have to fall back to something that the local pocket can support.