European recession looms as Spain crumbles

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    • #54184
      Anonymous
      Participant

      Telegraph article for those who missed it

      http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/15/ccspain115.xml&CMP=ILC-mostviewedbox

      I think that this paints an accurate picture of the Spanish economy, and to my relief it was published in the Telegraph (mike!).
      Can any of the posters who are talking about “investments” and urging us that now is a good time for bargain hunting -can anyone dispute these hard economic facts?

    • #85281
      mike
      Participant

      @forestfire wrote:

      I think that this paints an accurate picture of the Spanish economy, and to my relief it was published in the Telegraph (mike!).

      LOL! I actually read the Independent and the Sunday Times. It’s the first time I have had the time to follow the economy and I was rather surprised at first at how upbeat the press has been through the crisis, only recently considering that we may have a recession. But I imagine they have a responsibility not to frighten anyone, if they allowed me to write articles people would be stocking up on tinned food and guns.

      @forestfire wrote:

      Can any of the posters who are talking about “investments” and urging us that now is a good time for bargain hunting -can anyone dispute these hard economic facts?

      I think if you value property purely by the income it can generate that you might indeed stock up on tinned food and guns.

    • #85282
      Anonymous
      Participant

      Very funny mike!

    • #85290
      Anonymous
      Participant

      This is all very true and the Spanish ecomony was far too heavily exposed to construction and everything that goes along with it so the downturn will be severe and worst of all Spain is tied into the Euro and has little control over its own economy.

      I do believe Sep/Oct time will force a lot of ex-pats in the hospitality business to pull down shutters and bail out as business is way down on previous years.

      But as the article says car sales fell 31% in May. Earlier this week I heard of a dealership that significantly reduced its saleforce. That said I am in the market for a new car so sounds like some good negotiating and I could get a real bargain!

    • #85296
      Anonymous
      Participant

      Well there is a positive side. Before we could not choose the property, we had to take what was available and we couldn’t bargain.

      Today there is more choice. If it is about a pure investment perhaps we can wait. But if anyone is thinking in a place to enjoy, it is clear that we are in better situation than before. So why not to buy and start enjoying now.

      Looking carefully, we can find very interesting deals.

    • #85298
      mike
      Participant

      @jcdundee wrote:

      Today there is more choice. If it is about a pure investment perhaps we can wait. But if anyone is thinking in a place to enjoy, it is clear that we are in better situation than before. So why not to buy and start enjoying now.

      Looking carefully, we can find very interesting deals.

      Today in the Independent I read an article which boastd a quid 57K 4 bedroom house in Galicia. The additional blurb painted sucha good picture. I reckon that in a few years I would be happy to buy there. I still like Spain but things need to be done, less people need to live there and things must be cheaper.

    • #85312
      Anonymous
      Participant

      Spain with 505,000 square KM (second to France) , and just 43,000,000 inhabitants, has a very low population density .

      Galicia is the Celtic Spanish coast, as wet as the west of scotland, but just warmer. The demand for houses in Galicia, is lower than in the Mediterranean.

      Galicia is beautifull and a great place for Seefood, fish and beef, but not so good to get a nice color before comming back home.

      Galicia coast is irregular with the “Rias” (like low fiords), so be in front of the see is quite difficoult.

      So I am not surprised regarding that article

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