President Zapatero also trapped in the property crash

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This topic contains 7 replies, has 5 voices, and was last updated by Profile photo of Anonymous Anonymous 7 years ago.

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  • #55279
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    Anonymous
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    Our president has also been affected by the spanish property crash as you can read in this article published by Idealista (a property web site):

    They bought in Mirador de Vera development for about 440.000 euros and now you can buy for less than 350.000.

    http://www.idealista.com/news/archivo/2009/10/30/0112379-zapatero-familia-victimas-burbuja-inmobiliaria?author=dmontero

  • #94893
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    Anonymous
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    Peter – I would have preferred it if he’d been affected by the property corruption and bought into something that turned out to have a dodgy building licence. Now that would have been far more satisfying. 😈

    Actually it’s his wife who should be more concerned, the property is registered in her name with a mortgage from Bank of Santander. But I’m sure she doesn’t need to worry about keeping up the payments – unlike many. Nor will their lifestyle be affected one iota by this paper-loss.

    Whether one is talking about this holiday property of theirs or their main home, they will be taking a hit in value like any other property-owner.

  • #94894
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    Anonymous
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    Today we can read in the main media that spanish corruption has cost around 4158 million euro to Spaniards.

    http://www.elmundo.es/elmundo/2009/10/31/espana/1257025522.html

    Now there is no money at the local councils and the easy solution is to raise taxes, nor for improving the local communities but to ensure the jobs of public servants and their good salaries.

  • #94897
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    Anonymous
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    States in that report that Spain comes it at 27 in world corruption.

    Here’s a link to the index

    http://www.transparency.org/news_room/in_focus/2008/cpi2008/cpi_2008_table

    For all the moaning we do about Spain, look where Italy and Greece come. Hard to believe they are members of the European Union. there are plenty of poor third world countries above them!!!

  • #94898
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    Anonymous
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    PIGS – Portugal, Italy, Greece, Spain.

    In The Economist they usually use this acronnyn when talking about EU economics.

  • #94901
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    Anonymous
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    charlie wrote:
    Peter – I would have preferred it if he’d been affected by the property corruption and bought into something that turned out to have a dodgy building licence. Now that would have been far more satisfying. 😈

    Actually it’s his wife who should be more concerned, the property is registered in her name with a mortgage from Bank of Santander. But I’m sure she doesn’t need to worry about keeping up the payments – unlike many. Nor will their lifestyle be affected one iota by this paper-loss.

    Whether one is talking about this holiday property of theirs or their main home, they will be taking a hit in value like any other property-owner.

    Would have been great if the property was totally illegal and under a demolition order,and that Mrs Cobbler found out that the Bank Guarantee was worthless etc etc etc etc etc etc etc etc. Perhaps then she would realise what goes on in the real world. Her husband is certainly in a dream one.

    Even if she did n´t pay the mortgage I am sure Santander would still carry it in its books at the price Mrs Cobbler bought it at I do not say the real purchase price for as we know what goes on the escritura and what the purchase price is bear little relationship.

  • #94904
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    @jp1 wrote:

    For all the moaning we do about Spain, look where Italy and Greece come.

    A few weeks ago Greece had national elections.
    The ruling party (New Democracy) lost the election but had previously stated the national debt was 6+ billion euros. However, the incoming party (PASOK) on taking over has discovered they’d been lying and that the real figure is around 12+ billion euros!

    The Minister for Housing and Planning was found to have built his house illegally too near the beach and had no planning permission/building licence.
    The Minister for Work and Pensions was caught having illegal immigrants working as servants at his villa. He tried to wriggle out of it by saying the Indian cleaning his pool with a net was “just a guest who enjoyed helping to keep the water clean”.

    PASOK has said corruption will now be stamped out and there will be more transparency with this new Government.
    The Greeks are chuckling – that’s what the last lot said.

  • #95132
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    Anonymous
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    I am willing to take odds that this property was never bought buy them and it was not an arms length transaction.

    The mortgage was taken out as equity and is not being serviced. If there are any credits to the mortgage account it would have a shadow account.

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