The thought of 40,000 unemployed Estate Agents roaming around Spain is quite alarming. A group this size should be easy to spot as they would kick up quite a dust cloud, so there would be ample time to grip onto your purse before they passed.
On a serious note though, 2008 will probably be were the slide hits the bottom. Declining natural sales since 2004 have been compounded by over-supply, corrupt conveyancing and world financial alerts.
I suspect 2009 to be the year we begin to talk about a revival in the market. If that is confirmed by quarterly figures, people will begin to talk about Spain as worth considering for investment. Hopefully, the agents and developers who are left, will control property prices better than in previous years and preserve the upturn for a longer period.
On a personal note, I would like to see more regulation in the agent sector of the market, with bonds required like abta travel agents. That should deter any flly-by-night from causing our industry future harm.
A good report Mark. I hope it get´s recognition in all the right places.