The Spanish president and his wife have lost 160,000 Euros on their holiday-home in Vera, Almeria, reports the Spanish press.
After a year on the market and some big downward adjustments in price expectations, Zapatero and his wife have finanlly managed to sell their holiday-home in Vera (pictured above), for a loss of 38pc.
They bought the house at the top of the market in 2007 for 440,000 Euros, and put it up for sale in 2010 for 400,000 Euros. It has now sold for 280,000 Euros, 30pc less than their original asking price, according to the Spanish news website El Confidencial.
It’s sad they have lost money, but at least they know what it must feel like for countless other families who have also lost money on Spanish property, to some extent thanks to his government’s handling of the economy these last 7 years.
After stepping down as President in November, Zapatero and his wife are going to build a house in his homeland of Leon at a cost of almost 1 million Euros, according to Spanish press reports. At least he still sees Spanish property as a good investment.