Reply To: Spanish Property Market in 2007

#68473
Anonymous
Participant

I read Mark’s article in the Sunday Times, and his posting on this thread, and undoubtedly he does bring a few positives to the debate. There are a few points he makes that leave me less than convinced…
I don’t agree that corruption in Spain is being dealt with to any meaningful degree. When the police seized assets as part of the White Whale operation they admitted that they had recovered only the tip of the iceberg. Corrupt mayors will replace corrupt mayors while the politicians believe they have a legitimate right to be “funded” by developers. & while there have been a number of arrests over the last few years, they are insignificant to the number of those involved in money laundering on the coast who continue to live the highlife. As much as I would like the system to improve, I think that measures taken so far have been token and insubstantial.

The gambling industry, which is prehaps Gibraltar’s biggest industry has been hitting the front pages for all the wrong reasons of late. Here are a few articles:
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/01/22/cngamble22.xml
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/01/23/ccgamble23.xml&DCMP=EMC-mcn_23012007
I think that any benefit that Gibraltar may have brought to the housing market on the costas in recent time, may be over for now. I don’t see new businesses coming over to Gib, what I see is tough times ahead for one of their biggest employers.

& over the last month or so, the financial industry is begining to factor in the possibility that interest rates may rise higher than previously thought…