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just read an article that was published today that reinforces what we all know is happening in Spain-:
“The Bank of Spain has spoken today of the ‘deep slowdown’ of the Spanish economy”
“More numbers on the falling house sales in Spain with the number of sales now down 38.6% in March compared to the same month last year. The INE, National Statistics Institute says that 46,074 properties changed hands this month, with the number 16.9% down on February which saw 55,000 sales.”
“Sales were more buoyant in La Rioja and Murcia and 57% of the total sales in March this year came from just four of Spain’s regions – Andalucía, Valencia, Cataluña and Madrid.”
“The Spanish employers association CEOE has said that it fears that this year will end with three million unemployed in the country.”
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And another article from today’s news highlighting the plight of the property sector:
“A new study has calculated that there will be upto a million empty homes in Spain by the end of the year.
The report has been drawn up by Barcelona University and the Forcadell consultants, and forecasts a ‘long real estate crisis’ during which house prices will fall greatly, with reductions of 20% in the resale sector.
The report says they expect to see low prices and offers in the real estate sector to last for some time, and calls for new tax breaks for those who buy a home.”I wonder how long the authorities will sit on their hands before they are forced to act ?
Richard
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“The Spanish employers association CEOE has said that it fears that this year will end with three million unemployed in the country.”
I doubt it will go as high as this figure, many immigrants are being offered financial incentives to return to their country of origin, the Rumanian Government is doing the same as there is a shortage of labour there. The Africans will stay put here in Spain as they would be jumping from the frying pan into the infierno. South Americans will be keen to go back if helped enough financially. Additionally many will just return to illegal status or working black as it is known here.
As there are at least 1m immigrant workers , this should help keep the unemployment figures down, the problem will be that these workers have been employed in the bottom end of the market, will Spaniards want to do the work that immigrants have taken over.?
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