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Quiet day in the forum!
Tomorrow I’m participating in a holiday-home sector conference in Madrid attended by Pilar Martínez – Spain’s Director of Housing for the national government in Madrid. I’m moderating the first session which looks at how the sector ended up where it is, what mistakes were made, and what lessons need to be learnt. We expect all the main players of the sector to be there, along with top management from all the banks’ real estate divisions. The objective is to understand what was done well and badly, and come up with some concrete ideas to improve the sector and help it recover.
It will be interesting to see what comes out of it.
I might try and do some live posting from the event…..
– decrease by at least 50% the price of undesirable properties. Be prepared to sell crappy 2 apartments from undesirable areas for a song. There is no good to hold million property for many years to come.
– decrease by at least 25% the price of more desirable properties. Make sure that the ratio price/income is less than 3.
– try to create a more transparent way that the foreign buyers can understand and eliminate the need to hire lawyer to buy properties.
The mistakes made are not repairable, the coast is wrecked in many areas.