Thursday, March 27, 2008

The pain in Spain…

Spain's property market suffers meltdown

"Spain's once-booming property market is in freefall, official statistics have revealed for the first time. The announcement that house sales had plunged has dashed government hopes for a "soft landing" in the sector that has driven the Spanish economy for more than a decade".

Posted by alan @ 11:19 AM (1047 views)
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9 thoughts on “The pain in Spain…

  • Not just the credit crunch. Why buy something expensive that can be bulldozed at a whim?

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  • Landedgentry says:

    Suppose you can call Brits who bought there immigrants when they return back from their spanish adventure. Assetz could argue that one LOL.

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  • I wonder if the Spanish media keep blaming the US for their housing crash? Doesn’t look like it.

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  • interesting that there is no figure for the fall in amounts paid for property. Come on, give us the full facts

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  • Oh dear, And with the €/£ rate so unfavourable for the British tourist. This is going to be a tough season.

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  • House_prices_only_go_up says:

    Ahh, the good old “soft landing” phrase is used in this article. Not heard that for a while. Has any boom ever ended in one of these so called “soft landings”?

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  • “We can only hope it will be sharp and short,” says Fernando Encinar, a director of Spain’s leading online estate agent, idealista.com.

    “The news will scare millions of Spaniards – and hundreds of thousands of Britons and other northern Europeans – who stretched themselves to get mortgages on homes they believed were a cast-iron investment.”

    I have bad news for you Fernando.

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  • It is British and Irish expatriates who have spread the disease and created the Spanish bubble.

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  • Compare this quote from the Independent article:

    ‘”We have to accept this is not a gentle correction, but a full-blown crisis. We can only hope it will be sharp and short,” says Fernando Encinar, a director of Spain’s leading online estate agent, idealista.com.’

    With Stuart Law’s article on 25th March (http://news.assetz.co.uk/articles/4088.html) which starts:

    ‘The survival of Spain’s property market against all the supposed odds may turn out to be one of the major stories of the industry in our time. No matter how much it has been predicted that the country will see its market wither and crash, the investment keeps coming.’

    Perhaps Mr Law needs to have a chat with Fernando Encinar and explain why he is wrong?

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