wynnwill, I agree that a good property in a good location should pay off in a slump, it’s the old saying ‘location,location,location’ and that applies to any country.
However Spain’s attempts to make it’s property industry ‘more transparent’ is pretty pathetic really, they’ve known of the problems for years but still fail to crack down on the sharks with any haste, and as for ‘some recourse in Spain’ true maybe, but what a lengthy frustrating procedure through it’s Courts, 5 years or more I believe. Many people have to ‘walk away’ in the end because they can’t finance waiting so long apart from the stress involved!
I agree that it’s likely to be much worse though in Bulgaria for instance, why anyone wants to invest there apart from cheapness, beggars belief. I spoke to an agent today who says there is virtually no resale market there, and, it’s miserable Winter and standard of living may be reason enough for so many Bulgarians now wishing to enter the UK. Big problems ahead for many investors there!