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There’s no denying that the news has been a bit more positive recently. Don’t get me wrong though, I expect the pain to continue for some time to come.
Red Flags Over Madrid a Sign Crisis Easing
In the upmarket Madrid neighborhood of Arroyo del Fresno, red flags bearing the insignia of Banco Santander (SAN) SA flutter atop a building site nestled between a medical center and a metro station. Instead of caution, they may signal that Spain’s six-year property crisis is receding.
Breakingviews- Spanish property market is back from the dead
MADRID, Sept 6 (Reuters Breakingviews) – Ever since Spain’s massive property bubble burst in 2008, U.S. funds have been scouring Madrid for property bargains. After years of frustration, a few are now clinching deals. But the floodgates aren’t opening yet.
http://in.reuters.com/article/2013/09/06/idINL6N0H210W20130906
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We just looked at another penthouse. The agent was Russian, as was the agency. It appears that some properties are moving, especially to foreigners. I should add that the penthouse was listed for about 589k 2 years ago, dropped to 500k, taken of the market, and is now listed for 335K. Of course, they dropped that price during our visit.
But unless the overall economy improves in Spain, there is no hope for any real, sustainable real estate market ‘recovery.’
And given the current government Bozos, who have done everything 100% wrong, I see little chance of the economy improving, unless it is 100% luck.
Here’s a good example where an easy to fix bureaucracy is not addressed and the consequences:
http://www.theguardian.com/science/political-science/2013/aug/28/science-policy
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