Thursday, July 17, 2008

“At least it is still sunny in sunny Spain.”

Spain drops reassuring gloss as crisis deepens

"Thank Gordon we don't have an economy that is based around ever increasing house prices. It would be an absolute disaster if we did."

Posted by cheekie charlie @ 11:22 AM (1149 views)
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9 thoughts on ““At least it is still sunny in sunny Spain.”

  • mark wadsworth says:

    From the article: “El Pais reports that house prices crashed by 20pc in the second quarter compared with a year earlier, based on 183,000 completed transactions.”

    Jumping H F***! 20% in one quarter? Or 20% annualised, i.e. 5% in one quarter (no worse than here).

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  • Thank Gordon we don’t have an economy that is based around ever increasing house prices….

    Ha ha indeed!

    And thank Gordon we don’t have loads of unsaleable and unlettable ‘waterfront’ flats, in say the North of England…

    OMG this is sooooo enjoyable…

    Still property only goes up so it will be short lived this won’t it?

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  • last_days_of_disco says:

    Could we get the Spanish finance minister to jump ship and run Britain’s finances for the next 10 years.

    Sounds like a sensible dude. With the way Cameron has been going he should get him on board. Better than that idiot hussy Kirstie.

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  • Take Heed of History :

    “In reality, this is unlikely to be the worst economic crisis in Spain’s history. Philip II defaulted on his sovereign debts three times in the 16th century after he bankrupted the Spanish Empire to pay for his Counter-Reformation wars against Protestants. He crippled the Italian banking system in the process – much to the benefit of London and Amsterdam.”

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  • need-a-crash says:

    @3. interesting point.

    Will people look back on the current Anglo-American crisis as being – much to the benefit of Shanghai and the Middle East

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  • Mark,

    I think this is 20pc down on one year ago, comparing like quarters.

    Part of my grand plan is to buy an old farmhouse in Portugal (in the Douro valley) A year ago, there were few properties available, with ridiculous asking prices. Suddenly there’s a lot more on the market (especially ruins) and the prices are beginning to look interesting.

    Not going to make my move just yet though, as I suspect things will get a lot worse before they get better there

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  • mark wadsworth says:

    UT< that makes sense 20% down on a year is pretty good going! The UK is down 10% in six months, so maybe we'll catch up. Meanwhile, ye olde US houseprice crash has been rumbling on for what, two years?, and prices are still only 20% down or something over there. Wimps.

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  • UT.

    Will certainly go back to peasant prices where they should be. Well maybe not quite peasant but you know what I mean.
    Be very careful regarding Title Deeds, there are a lot of scams going on throughout the Med’ Countries (Yes I know where Portugal is).
    They don’t sell their land and say bye,bye to it for ever. So they know very well what they are doing unlike a lot of the Britts.

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