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by who though? Youngsters I guess? Those of our age (mid 30’s) or a bit younger have already signed up for our lifetime to a big mortgage.
I guess those lucky enough to have dumped their previous high cost place? I know a couple who handed the keys back to their duplex and their parents then paid peanuts for another one. Lucky them.
Or else everyone is going to buy to let and rent out to….. all the immigrants who handed their keys back to the banks?
So, I agree that the prices then might be right but who is out there to pay? Maybe in a fantastic beach resort but the thousands and thousands of flats in towns (such as ours) are going to be empty for years/decades?? Why don’t they just bite the bullet and knock down 50% of the empty blocks and create a bit of demand rather than excess? Make the banks and constructors who gained so much in the boom pay for their errors?
I and a couple of friends actually thought about buying a smaller complex and using it for elder care/retirement home for scandinavians. It would be financed by tax money from our home country. The costs would be about half what they would be here so it would fetch us ok profits. Not totally turned the idea down so far but we ran into problems with the tax financing.
You must understand that some people never got involved in the spanish market so they don’t have the same financial limitations… I mostly by luck to be honest. It only comes down to price. The US handled it better with a quick downturn and then people started buying again.