Tuesday, June 10, 2008
The pain in Spain is money down the drain
Spain Housing Market Slump to Lead to Recession, Acuna Says
"The slump in the Spanish residential property market will continue for seven years and push the economy into recession in 2009 as the market absorbs the excess housing stock built in the past decade, according to R. R. de Acuna & Asociados, a real estate research firm". ``For the market to return to normal, we estimate that there will be four years of severe corrections and another three years of consolidation,''
Posted by alan @ 10:14 PM (716 views)
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renting2 says:
At least certain areas of Spain have a solution …. get the local council to declare them illegal and demolish them. Hey Presto no excess housing.