Spanish property bust just gets worse says WSJ

Spanish Property Insight Forums Spanish Property Forums Real Estate Topics, News & Discussion​ Spanish property bust just gets worse says WSJ

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    • #56387
      Anonymous
      Participant

      Not happy reading.

      The article’s in Spanish, so use Google translator if your Spanish isn’t good enough.

      Mind you, the article doesn’t saying anything we didn’t know and haven’t discussed here for years.
      http://online.wsj.com/article/SB10001424052970204479504576639052431302260.html

    • #106226
      logan
      Participant

      …………….and here is yet more bad news.
      http://www.bloomberg.com/news/2011-10-24/spain-slipping-on-deficit-means-chances-of-contagion-increase-euro-credit.html
      As I have posted on here many times the semi autonomous regions of Spain are ruining any realistic hope of overall deficit reduction.
      If the Spanish government believe that property prices have dropped only 18% since 2008, so Marks article suggests, then they are living somewhere other than reality.

    • #106227
      Anonymous
      Participant
    • #106236
      logan
      Participant

      Some valid replies in the comments section. Here is one I have copied.
      Carmen Bejarano – mavis7150@gmail.com wrote:
      To the closing costs listed above, others have to be added: the mortgage costs (charged by the bank) and the special taxes imposed to foreigners: there is a so call “imputed” tax to real estate owned by foreigners, in which the appraised value of your real estate is considered “income”, and taxed accordingly. SPAIN IS A SHYLOCK COUNTRY in terms of taxes and other exactions, and NO FOREIGNER INVESTOR IN HIS RIGHT MIND SOULD INVEST A PENNY IN REAL ESTATE IN SPAIN. He’s is going to inevitably lose…

      Came to the same conclusion myself over a year ago.

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