- This topic has 5 replies, 4 voices, and was last updated 11 years, 6 months ago by
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A sign of the times. Spain has a lot of building gear to sell, as reported by this Bloomberg article:
Spain’s Boom-Era Building Gear Sold as Developers Cut OffI remember thinking when the crisis started there would be good business in buying up machinery and selling it in places like Africa and China. But like most of my ideas in this crisis, I was about 4 years too early 😕
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@shakeel wrote:
Mark, besides being four years late. Did you have the expertise & contacts in this very select field.
Nope, which is why I didn’t go near it.
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The article is an interesting read, and in regards to the equipment now gathering dust, this reminds me of all those mothballed planes in the desert in the USA hoping to be brought back into use one day.
The article goes on to say that property prices have fallen from their peak in 2007 by 32%, but we hear figures being spoken about of 50-70% falls from peak. What are the average true figures of price falls?
Also, I think if the figures are much higher than the 32% fall mentioned, would this mean that Spanish property was massively overpriced during the boom? Had it been priced accurately then would you agree that the boom would not have been so much of a bust? 🙄 More stable markets appear to suffer less from highs and lows it seems 😕
What do you think? 🙄
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The two Spanish couples who live in our block bought their flats for 30,000 and 32,000 euros in 2002 and 2003. We paid 95,000 euros in 2005 before the terrible remortgage but others, mainly immigrants without deposits, paid up to 150,000 euros for the other eight flats in the block during 2006/2007. Just shows the difference in prices and what they probably should be, ie: the banks now selling for 24,000 euros as repos.
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