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Deckard

Housing Market Collapse Pushing Rents Down In Spain

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http://www.bloomberg.com/apps/news?pid=206...id=a2CB8KFfL3tw

The number of properties for rent in Spain climbed 55 percent in the past two years to 3.3 million, the highest since the Ministry of Housing started collecting the data in 2004. Rents in cities, including Madrid and Barcelona, are falling for the first time in seven years with declines of as much as 8 percent, according to Madrid-based property research firm Idealista.com.

“Those who need to sell but can’t are being forced to lease,†said Fernando Encinar, co-founder and head of research at Idealista.com, Spain’s largest real estate Web site with 308,000 listings for rent and purchase. “We haven’t seen this number of properties for rent since the 1950s.â€

And for those on here who keep forgetting that there are huge bubbles right in the heart of the Eurozone, this sums it up nicely.

Spain built about 29 percent of new homes in the European Union from 2001 to 2007, even as it represented just 9 percent of the population. The resulting glut of 1.5 million unsold houses and apartments sparked the end of a decade-long real estate and construction boom that accounted for about 20 percent of the country’s gross domestic product in 2007.

The ensuing housing slump has tipped the economy into the worst recession in 60 years with the unemployment rate climbing to 19 percent, the highest in the EU.

...

Joblessness in Spain may reach 20.5 percent by the end of 2010, according to estimates from the European Commission.

...

The International Monetary Fund expects Spanish property prices to drop 30 percent from their peak in 2006.

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I saw an article on Spanish TV the other day about this. The Spanish property developers are trying to rent out all those empty flats at bargain prices and have pulled the rug from underneath the market. All those people who thought they could rent out their holiday homes when they're not there are completely screwed.

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I'm in Spain right now at my mum's place. Bought and paid for in the early 60s, so she's not fussed about valuations in the slightest. As I look across the bay, I see a vast swathe of new development - it is about 2 miles away, so it doesn't bother us overly. At a guess, there is about eur 0.5 billion of property (at 2007 prices) on the other headland.

The problem is most obvious at night. The streetlights come on....but little else. The odd apartment is occupied, most are shuttered - and this is right at the start of the peak holiday season. If you drive around, the construction faults are legion, cracks you can stick your hand though, extending across roads, up garden walls and into houses.

It's a bloody disaster. I don't know how the banks that financed this stuff are surviving.

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I dated a girl when I was 17. When she got to about 19 her parents moved to Spain and subsequently she met and married, had kids, divorced, married again, divorced again.

I had no contact with her in 25 years - none.

Several months ago she contacted me out of the blue, wanting to know what I was up to, whether I was married, etc. Call me cynical, but this to me was a sign of how bad things are now for ex-pats in Spain.

Coming to a country near you soon.

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I dated a girl when I was 17. When she got to about 19 her parents moved to Spain and subsequently she met and married, had kids, divorced, married again, divorced again.

I had no contact with her in 25 years - none.

Several months ago she contacted me out of the blue, wanting to know what I was up to, whether I was married, etc. Call me cynical, but this to me was a sign of how bad things are now for ex-pats in Spain.

Coming to a country near you soon.

Friend Reunited will soon have a special section for these ex pat PPP's - Portly, Prickless and Potless.

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Guest X-QUORK
It's a bloody disaster. I don't know how the banks that financed this stuff are surviving.

It's simple, they hold their hands out to taxpayers and all is well again.

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The International Monetary Fund expects Spanish property prices to drop 30 percent from their peak in 2006.

Is that a typo or wild optimism?

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I dated a girl when I was 17. When she got to about 19 her parents moved to Spain and subsequently she met and married, had kids, divorced, married again, divorced again.

I had no contact with her in 25 years - none.

Several months ago she contacted me out of the blue, wanting to know what I was up to, whether I was married, etc. Call me cynical, but this to me was a sign of how bad things are now for ex-pats in Spain.

Coming to a country near you soon.

For you: a ready made family and all the vino you can drink to anaesthetize the pain . For her: the triumph of hope over experience and a massive injection........................of capital. Beware.

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Guest DissipatedYouthIsValuable
I dated a girl when I was 17. When she got to about 19 her parents moved to Spain and subsequently she met and married, had kids, divorced, married again, divorced again.

I had no contact with her in 25 years - none.

Several months ago she contacted me out of the blue, wanting to know what I was up to, whether I was married, etc. Call me cynical, but this to me was a sign of how bad things are now for ex-pats in Spain.

Coming to a country near you soon.

Go on, be a pal, lend her £300,000.

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What a thought, Spanish brats raised the modern UK way <_<

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I dated a girl when I was 17. When she got to about 19 her parents moved to Spain and subsequently she met and married, had kids, divorced, married again, divorced again.

I had no contact with her in 25 years - none.

Several months ago she contacted me out of the blue, wanting to know what I was up to, whether I was married, etc. Call me cynical, but this to me was a sign of how bad things are now for ex-pats in Spain.

Coming to a country near you soon.

:o Are you kidding me? From time to time I send an email to an ex or someone from school I've not seen in 20 years - doesn't mean I want to sh*g them or have them pay my bills.

You must be one sexy mofo - as for the rest of you who so cynically believe she's only after your money - you're probably the types who are looking for a Thai bride right?

I'm sorry that's just hilarious - your paranoia is such that you seriously think she's spamming boys she knew 25 years ago in swansea in the vain hope that someone will send her a food parcel? :lol:

News flash lads: You weren't all that when you were 17, and the following 25 years were not kind. Cheryl Cole does not pine for you. Jo Brand does not pine for you.

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Guest X-QUORK
News flash lads: You weren't all that when you were 17, and the following 25 years were not kind. Cheryl Cole does not pine for you. Jo Brand does not pine for you.

Feel better?

It might be a good moment to step away from the keyboard, turn off the "I will survive" track, pour another glass of wine and accept that he's not coming back.

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Feel better?

It might be a good moment to step away from the keyboard, turn off the "I will survive" track, pour another glass of wine and accept that he's not coming back.

:lol::lol::lol:

I really didn't anticipate this thread would turn into a "battle of the sexes" type discussion - but go right ahead, this is FUN

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:o Are you kidding me? From time to time I send an email to an ex or someone from school I've not seen in 20 years - doesn't mean I want to sh*g them or have them pay my bills.

You must be one sexy mofo - as for the rest of you who so cynically believe she's only after your money - you're probably the types who are looking for a Thai bride right?

I'm sorry that's just hilarious - your paranoia is such that you seriously think she's spamming boys she knew 25 years ago in swansea in the vain hope that someone will send her a food parcel? :lol:

News flash lads: You weren't all that when you were 17, and the following 25 years were not kind. Cheryl Cole does not pine for you. Jo Brand does not pine for you.

Let me guess ... you're that woman The Masked Tulip dated when he was 17 ;)

EDIT: spilling

Edited by LiveAndLetBuy

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:o Are you kidding me? From time to time I send an email to an ex or someone from school I've not seen in 20 years - doesn't mean I want to sh*g them or have them pay my bills.

You must be one sexy mofo - as for the rest of you who so cynically believe she's only after your money - you're probably the types who are looking for a Thai bride right?

I'm sorry that's just hilarious - your paranoia is such that you seriously think she's spamming boys she knew 25 years ago in swansea in the vain hope that someone will send her a food parcel? :lol:

News flash lads: You weren't all that when you were 17, and the following 25 years were not kind. Cheryl Cole does not pine for you. Jo Brand does not pine for you.

Apparently I am gorgeous - look 10 years younger apparently. Men are like wine, we go better with age. Women are like roses... Oh dear.... :unsure::blink::unsure:

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Feel better?

It might be a good moment to step away from the keyboard, turn off the "I will survive" track, pour another glass of wine and accept that he's not coming back.

I am convinced that modern British Women have the lyrics and dance moves to "I will survive" encoded into their DNA - they all know it and it seems impossible for any woman to miss jumping up on the dance-floor when that track is played by the DJ.

Says a great deal about the emotional well-being of many a mid-30s plus woman in the UK.

Now, that I have lit the flame I will retreat 10 paces :rolleyes:

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I am convinced that modern British Women have the lyrics and dance moves to "I will survive" encoded into their DNA - they all know it and it seems impossible for any woman to miss jumping up on the dance-floor when that track is played by the DJ.

Says a great deal about the emotional well-being of many a mid-30s plus woman in the UK.

Now, that I have lit the flame I will retreat 10 paces :rolleyes:

I'm loving this!

Topliner

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Properties for rent increased 55% in two years ? Is that it ?

In Edinburgh, over only one year, the number of 2 beds for rent increased by almost 100%...

Edited by ccc

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Feel better?

It might be a good moment to step away from the keyboard, turn off the "I will survive" track, pour another glass of wine and accept that he's not coming back.

Perfection...........

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