We are into now 7 or 8 years of falling prices in the Spanish market. It would be a good guess to assume that the worst is behind us and some type of recovery is on the horizon. I don’t think you have to be a financial genius to understand that.
I don’t think this is indicative of a recovery in Spain. The government and courts still operate more like crime families and the world is becoming increasingly aware of the extreme level of corruption and other institutional issues. Politicians only seem to care about covering-up corruption, implementing a Neanderthal social agenda and squashing dissent.
I do think that the global investor class interest in Spanish real estate is based upon portfolio diversification and the fear that the current global economic bubbles are not sustainable and are going to pop. People are loaded with cash and have no place to invest it, and Spanish real estate does look undervalued through the lens of global real estate prices. But a lot needs to happen for values to increase.
We can easily evaluate the government’s progress in creating a supposedly more business friendly environment by asking if there are any transactions that involve government that are easier now compared to years past? Certainly not in the real estate industry.
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