A million unsold houses a small hurdle?
And they’ve always said that it wouldn’t repeat itself because things were different, like this time – corruption, bent lawyers, too many houses being built
If you read and understood my post correctly, I only called the corruption, bent lawyers and the housing glut as “extra ingredients” to the bigger economic picture.
Different ingredients mean you end up with a different cake – this is not history repeating itself in my view.
Incidentally the UK has none of these three elements to the same extent as Spain (in fact UK is facing a housing shortage) yet it is predicted the market there will still fall over the next couple of years, some financial institutions (demented parrots or not) saying by up to 20%.
So how you see that in Spain “prices will recover starting from next year” is beyond me. We shall both see who’s right next year. :wink:[/quote
Spain has one ingredient sadly missing from the UK (otherwise I might be writing this from Kent rather than the Costa Blanca), an abundance of sunshine which induces optimism in even the most calculating of British hearts, and the sense of adventure which springs from setting off on a journey into the unknown.
Most of the incomers to Spain are blinded by those two factors, caution goes out of the window and who cares if the white-washed villa in the glistening sun doesn’t have all the paperwork in order. They’re not going to knock down such a beautiful building, are they? And the estate agent and lawyer says it’s all right. And it’s cheap as chips.