USA crash started in 2006, Spain crashe started in the honest in 2008.
There is 2 year delay.
Mark is very careful not to to appear doomy, there is no good news and won’t be for some time.
INMHO The crash in Spain did not start in 2008, prices were turning down from 2004 where they and the ‘boom’ resulting from the ‘gold credit card rush’ of interest in off plan deposit making all along the Costa’s had reached their peak.
Spain has now had its own self made hell, of more than four years of torture in the property market, and the list of negatives that began to spill open in 2003/4 and long onward is too well known and too long to need repeating.
But I was there last week, and my goodness the near completion of the new Airport in Malaga is an amazing sight to behold, and I think the whole expansion of infrastructure and development along the coast will eventually be seen to have married up to a doubling in capacity at the airport.
Certainly what was there in the 1990’s couldn’t have coped. The decade started with a small cowshed of an airport that had a capacity for 4 million, then grew with the then spectacular Picasso terminal to 10 million and now incredibly will become I think the largest non hub airport in Europe with an ability to cope with 20 million visitors.
There might eventually have been some method in the madness. This coupled with a complete and utter collapse in the so called emerging holiday home markets, may yet prove to herald a whole new interest in owning and using a holiday home in Spain that was prevalent before the full boom between 2000 – 2004.
I don’t know if the future is golden, but it will certainly be sun filled, and as that has worked for Spain in the last 40 years I think it might work well over the next few decades as well.
Prices are universally down across the board, interest rates are at an all time low, and when the flights start to pour in and costs along the Costa in every other sphere inevitably fall also, I think it may be seen that in some ways the recovery is already well under way.
This doesn’t mean there isn’t some pain still to go through, just that we are finally through the worst. I hope that can at least be seen as something positive.