Spanish property bust just gets worse says WSJ

LoadingFavourite

This topic contains 3 replies, has 2 voices, and was last updated by Profile photo of logan logan 5 years, 1 month ago.

  • Author
    Posts
  • #56387
    Profile photo of Anonymous
    Anonymous
    Participant

    Not happy reading.

    The article’s in Spanish, so use Google translator if your Spanish isn’t good enough.

    Mind you, the article doesn’t saying anything we didn’t know and haven’t discussed here for years.
    http://online.wsj.com/article/SB10001424052970204479504576639052431302260.html

  • #106226
    Profile photo of logan
    logan
    Participant

    …………….and here is yet more bad news.
    http://www.bloomberg.com/news/2011-10-24/spain-slipping-on-deficit-means-chances-of-contagion-increase-euro-credit.html
    As I have posted on here many times the semi autonomous regions of Spain are ruining any realistic hope of overall deficit reduction.
    If the Spanish government believe that property prices have dropped only 18% since 2008, so Marks article suggests, then they are living somewhere other than reality.

  • #106227
    Profile photo of Anonymous
    Anonymous
    Participant
  • #106236
    Profile photo of logan
    logan
    Participant

    Some valid replies in the comments section. Here is one I have copied.
    Carmen Bejarano – mavis7150@gmail.com wrote:
    To the closing costs listed above, others have to be added: the mortgage costs (charged by the bank) and the special taxes imposed to foreigners: there is a so call “imputed” tax to real estate owned by foreigners, in which the appraised value of your real estate is considered “income”, and taxed accordingly. SPAIN IS A SHYLOCK COUNTRY in terms of taxes and other exactions, and NO FOREIGNER INVESTOR IN HIS RIGHT MIND SOULD INVEST A PENNY IN REAL ESTATE IN SPAIN. He’s is going to inevitably lose…

    Came to the same conclusion myself over a year ago.

You must be logged in to reply to this topic.