They’ve been saying that history will not repeat it self since time began, and it always has. 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.
Jesus Gil was around 20 years ago, and his successors are still around, bent lawyers were just as plentiful then as now, and didn’t unsold houses litter the landscape then too?
History has a natural cycle and memory fades after a time. After six years of crashed house prices in the early nineties, it didn’t take long for the optimistic investors to return, and they did well until the next crash four years ago. Several on this forum still brag about the money they made, then.
They’ll be back next year, along with a new bunch with short memories. The lure of the sun is simply too strong.
(Considering the demand, a million unsold houses for a country desperate to encourage immigration, is a small hurdle).
But was the fall back then as much as it is now – certainly I remember here in Ireland back in the early ’90s and the interest rates were sky high but I don’t remember the fall being as much as it is now nearly 50% and I don’t remember the protracted amount of time prices fell for either – I think this time it is very different -it’s global.