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A number of misguided bargain hunters will be induced into purchasing bank repossessions this year. They will come into the market too early. They will halt the slide where they purchase.
This will result in prices bottoming out in certain developments within certain areas. It will be as specific as that as they will have trawled the market and will make small acquisitions where they believe they have value.
This activity will restore some confidence and the fragile and selective recovery will begin from 2010 onwards.
However it will not be smooth and there will be setbacks and the trend towards any real form of recovery will not be evident until 2012, or beyond.
Some developments are so awful that they will have no value or any hope of recovery. The market will fragment, and there will be heaps of rubbish which will be discarded by all except squatters leaving Spain with long term and serious social problems. Criminal activity will soar. The growth industry will be security services, and the demolition of what should not have been built.