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If you divide the overall value of wealth destroyed by Spain’s property crash, and divided it by the number of households, you get to a figure of €54,500 in wealth destroyed for every household living in a home they own in Spain.
Of course it wasn’t real wealth, and it certainly wasn’t evenly spread across all households in Spain. But it gives you an idea of how much housing equity has been hit by the Spanish crash.
Housing equity that was driven up by an artificially supply of cheap credit, I should add 😕
Over this period Spanish families have become 26pc poorer whilst German families are 11pc richer all according to figures from the ECB reported in the Spanish press.
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Probably about right Mark. We’ve nearly paid that since 2006 and still have 27 years to go.
How sad…. in February 2005 my husband had the 25,000 euros cash he had saved since the age of 16 in a box under his bed. March 2005 buying a place and paying all the cash and fees and mortgage changed all of that. How we wish it was still there and we didn’t own a property! We could buy our neighbours flat and have 5k to spare now!
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