Re: Re: What did Spain do wrong?

#97863

Anonymous
Participant

@petej wrote:

Lots of things have played there part, corruption and greed being up there but I think the brakes were well and truly brought about by world recession and the devaluation of sterling, recession has hit Eurozone northern Europe and the biggest buyers who were/are the British have seen there budgets drop by 30-35%

Spain’s not the only country who’s holiday property bubbles have well and truly burst

Ireland is comparitive to Spain – only Ireland stopped building new developments about two years ago – Spain was still building last year. Year on year since beginning of 2007 properties prices have plummetted and are still dropping in Ireland whilst the drop in 2010 seems to have slowed – experts are still giving another 18 months of further drops at a small and slower pace. That will be almost 5 years equity wipped off property in Ireland- 50% of value wipped off – where does that leave Spainish property. Todate here in Ireland the amount of empty properties is 300,000 – Spain had 1 million. ❓