On other point, I think that many of the problems that we find and the reason why many companies have gone bust is the very reason Katy pointed out; retirees can’t come out to live cheap on their pension anymore. True, but how far has Spain come in 15 years? Is it the same country as it was 15 years ago? I think that it was too easy for someone to come to Spain for peanuts when a second property in another country is a Luxury Item, and that’s something we tend to forget. How much does a detached bungalow with 5000 sq ft plot go for in the UK? It ain’t cheap.
I am not comparing just putting things into perspective. Where can retirees buy a villa in Europe similar to those in Spain cheaper…Turkey? Bulgaria..?
You see, I don’t think that sales have gone down due to high prices or scandals, I think that the market was always much smaller than we were prepared to accept but the surplus offer artificially created a huge demand which is what we now know as the bubble.