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This article claims Spanish property sales fell 6.2% in November. I realise you should not read to much into one months figures but it is a reverse. I rather suspect the good figures in the previous three months were because of the discounts banks were offering and which have now dried up. A form of a normality trend of decline has returned.
Also Chinese investors who were due to put up the finance for a major industrial park in Lorca have pulled out and the project looks doomed.
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Murcia is the poorest and cheapest region of Spain, a lot of it unattractive to the Northern European eye. When the crash came in 2007, the more prosperous regions soon stopped building, but some of the cowboys came to cheap Murcia to carry on.
They built the cheapest of houses and of the lowest quality, again duping mostly foreign investors. One extremely large urbanisation built in desert-like surroundings but near to the coast, literally started to crumble within only a short time of being built.
Other developments only got to a couple of show houses before the crooked developer scarpered with millions in deposits.
The earthquake in Lorca didn’t help either.
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@logan wrote:
I saw a report on TV this evening that the Spanish banks are making available 6,000 repossessed properties to the government for social low rent housing.
I think I posted on here that would likely happen about 2 years ago. Most things take much longer to happen in Spain. 🙂
I was going to say that you must be a time traveller when talking about watching ‘this evening’s TV’, but you’re right, it is evening. I’ve also said that social housing must be the answer to some of those repossessed properties.
Buenas Noches!
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El Mundo and El Pais have both run reports this week on “middle class” okupas who have begun living in abandoned chalets around Madrid.
http://ccaa.elpais.com/ccaa/2013/01/16/madrid/1358369796_601255.html
Apparently word got round that the developer had abandoned the chalets and they moved in. They have connected the services and some of them hold down jobs. They call themselves respectable middle class people fed up of being priced out of property that is sitting there empty.
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@Chopera wrote:
El Mundo and El Pais have both run reports this week on “middle class” okupas who have begun living in abandoned chalets around Madrid.
http://ccaa.elpais.com/ccaa/2013/01/16/madrid/1358369796_601255.html
Apparently word got round that the developer had abandoned the chalets and they moved in. They have connected the services and some of them hold down jobs. They call themselves respectable middle class people fed up of being priced out of property that is sitting there empty.
I watched a programme on Antena 3, I think, about the same houses being occupied by middle class people. There was at least one street of those houses, a bit close together, but quite luxurious both out and in. Quite luxurious for a central location. The occupying people were definitely not the usual hippies and layabouts, and the reasoning for their occupation sounded quite sensible, even logical – nobody could afford to buy the houses and rather than leave them empty . . .
Squatters used to be a rarity in Spain, the laws were too strict for the squatters, but who is going to enforce the laws now? The authorities, including the various police forces are on the side of the repossessed.
And, as Logan pointed out, empty houses are going to be turned into social housing, 6,000 of them to start with, which will only make a tiny dent in the million empty and abandoned homes, but it’s a start.
The UK could do with a million empty homes in the UK, especially now that the Bulgarians and Rumanians are on their way.
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