October 21, 2007 at 12:03 pm #53417
I wrote about Llanera and its financial problems in the Sunday Times today. You can read it here:
Feel free to comment on the topic – there is a have your say box at the bottom of the article.
Several angry people have already contacted me about developers not living up to their promises.
October 21, 2007 at 12:15 pm #75739
Mark, It take it that they are not angry with you !!!!!!!!!!!!!
Didin’t these people knew what was happening in the property related sector in Spain ?????????
I personally cannot add any comments as I am aware of the various factors that is affecting the Spanish property market in such a negative light.
Cant say much about Charlton football club. If you want to discuss the Charlton brothers than it will a different story.
October 21, 2007 at 8:33 pm #75741
Hello Mark, just a few questions.
Who funds Grupo I and who pays Javier Illera before we start taking them too seriously?
Maybe the reason that we have not seen more bankruptcies here is only that the ECB acted in a more timely fashion to bail out the Spanish banks than the BOE did. & it didn’t name and shame like the BOE either.
Because of this bail out it is dangerous to assume that Spanish banks and developers are any more financially viable than Northern Rock.
The govts figure of price increases are regularly quoted as if they are reliable. I would suggest that they came from the Spanish Ministry of Truth because there have been no such increases. Seeing as you are happy to quote them, do you really think that they are credible?
Now this is where we part company:
“Does this mean that buying off-plan is now off limits? Far from it. The slowdown will force serious developers to up their game. In the short term, I also expect a flight to quality: the best developments will grab increasing market share, creating unexpected opportunities for investors. “
Very reasonably put as always, but surely any serious investor is looking at commodities, deposit accounts that pay 6%, maybe stocks, not some market that charges a 10% entrance fee and is surely going the way of the US housing market?
October 22, 2007 at 3:29 pm #75748mikeParticipant
but surely any serious investor is looking at commodities, deposit accounts that pay 6%, maybe stocks, not some market that charges a 10% entrance fee and is surely going the way of the US housing market?
Very well put. Given the current circumstances would any bank lend money to a not so serious investor who wants to buy Spanish property?
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