…Keeping an eye on Fotocasa and having one of those moments of clarity.
An Spanish ex-colleague of mine returned to Spain early this year after working in the UK. Fluent in English, MSc in science related subject and working as a professional software engineer for a blue chip company earning £40k ish. He’s 30.
He’s now working in the same field back in the South of Spain earning just under 35k Euros.
Reasonable 3 bed (holiday) apartments in Almeria are 250k~300k. This is almost 10 times his salary.
1) He’s probably in the top 5% of the population in the educational stakes
2) Southern Spain is the least sophisticated part of Spain, hence low salaries for the unskilled, semi-skilled.
3) Massive over supply of property.
4) Foreign property investment well and truly dead.