My question to you all is. How long do you think it will be until the bottom of this market is reached?
I think Ireland is further along in the property bust than Spain because it has sat up and been honest (for once) whereas I think Spain has not been as transparent and banks are still withholding properties on their books – once these are unleashed property prices could certainly come tumbling down plus there are far more empty houses in Spain than there are in Ireland – it is estimated there 300,000 empties in Ireland – in spain is it 3 million – correct me if I am wrong! Property prices started to fall in Ireland from end of 2006 – I think in Spain this did not kick in until 2008. But to answer when the costas will bottom – like dartboy said above it is location and hopefully the bottom isn’t too far off.