[Anonymous]

Supporters flocked to the Socialist party headquarters to celebrate
Jose Luis Rodriguez Zapatero’s ruling Socialist Party has won Spain’s general elections, with the conservative Popular Party (PP) admitting defeat.
But with 92% of votes counted, the Socialists looked set to fall short of the 176 seats needed for an absolute parliamentary majority.

So lets see what happens a real mess to sort out in the next 4 years ❗

[Anonymous]

I’m not sure what this election result means for the Spanish property market, but at least Pedro Solbes stays in place (he’s the only Spanish politician I have any faith in). I doubt he will be able to do much about the problems facing the Spanish property market, but at least he doesn’t want to throw tax payer’s money at bailing out developers (for now!). Beyond that, in my experience, PSOE and PP both have problems with corruption at an urban planning level, though the PP is the worst.

Mark

[Anonymous]

I’m not sure what this election result means for the Spanish property market

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I would guess that the disaster will get worse, as Chaves has been returned again in Andalucia with an overall majority so the dreaded Junta will be meddling in affairs for the next four years at least. Creating uncertainty at every turn.

Spain in general will probably get deeper in the mire as all the bad news that has been kept back will gradually come out. Solbes has consistently
been too optimistic about growth and inflation and unemployment. The mess will take probably the life of the parliament to sort out .

The Stock Market in Madrid is up 0.8%.

All in all cannot see that property in Spain is any more attractive today than it was yesterday. Same advice applies as before , buy nothing for the moment wait until all the effluent has hit the air conditioning , rent for one year at least. Beware of FREE inspection flights,do NOT agree to anything after a 24 hour inspection flight. Do not believe those that say things are getting better.

CAVEAT EMPTOR.

[Anonymous]

135yearswaiting wrote:

I’m not sure what this election result means for the Spanish property market
l in all cannot see that property in Spain is any more attractive today than it was yesterday. Same advice applies as before , buy nothing for the moment wait until all the effluent has hit the air conditioning , rent for one year at least. Beware of FREE inspection flights,do NOT agree to anything after a 24 hour inspection flight. Do not believe those that say things are getting better.

Now the elections are over.

When do seller start reducing prices? Looking at kyero for 5 minutes I saw the same old
super-crazy prices. Are people really detached from reality?

[Inez]

Well already the truths are starting to come out. I did think both sides would hold out in such a close run election, but news of a major bank going to the wall and well known developers hitting the pan are flying around.

Personally I feel this will be the start of the train crash and youre right Ralita – prices are still rediculous, but many people cannot sell them lower as the mortgages outstanding are higher than the property is worth!

I had 3 people last week I told I couldnt sell their properties at that price and they will be letting them go to repossession!

Hey ho.

[Anonymous]

Inez wrote:

Personally I feel this will be the start of the train crash and youre right Ralita – prices are still rediculous, but many people cannot sell them lower as the mortgages outstanding are higher than the property is worth!

I had 3 people last week I told I couldnt sell their properties at that price and they will be letting them go to repossession!

Hey ho.

In USA are now about 1 MILLION and 6 HUNDRED THOUSAND properties in one stage or another of foreclosure.

The population of USA is about 7 times more than the one of Spain.

Considering that the speculation in Spain was at least as bad as in USA, there will soon be about 250 to 300 Hundred Thousand foreclosures in Spain.

And this does not count the drastically reduced prioces by the owners who want to avoid forecolures but want to sell their apartments.

Beware the upcoming tsunami.

[Author]

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