Very glad I bought my apartment in 2020 when prices in my neighborhood were 10% below estimates. Thankfully, the impact on Spain has been much less than other nations. Article says Germany is inflated by 30%!
Only them?
There’s a giant elephant in the room too. After 2009 the banks ended up with lots of repossessions, they still have a shit ton of them and there are agents/websites that have listings etc. The thing is they still have them at like 2007/8 prices so obviously no one is buying. They also don’t take realistic offers, I tried. I guess if they listed them at what they are actually worth now, they would go bust as their lend/asset ratio is all sorts of fucked.
There are many (like a lot!) around my area, you can tell because they brick up the windows to stop squatters getting in. They have sat there empty, since 2009…Nature has a tendency to make unkept houses fall to pieces eventually too.
As house prices in Spain don’t go up like a lot of countries (even Barcelona and Madrid have barely moved in the last few years), this time bomb will one day have to be dealt with, not sure how though, I imagine the situation is that big it could collapse the economy. I read somewhere there a million repo/unfinished developer properties just along the malaga coast… I used to live in the province and there are whole urbanisations, just sitting there overgrown and empty, like ‘I am legend’.
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Very glad I bought my apartment in 2020 when prices in my neighborhood were 10% below estimates. Thankfully, the impact on Spain has been much less than other nations. Article says Germany is inflated by 30%!
Only them?
There’s a giant elephant in the room too. After 2009 the banks ended up with lots of repossessions, they still have a shit ton of them and there are agents/websites that have listings etc. The thing is they still have them at like 2007/8 prices so obviously no one is buying. They also don’t take realistic offers, I tried. I guess if they listed them at what they are actually worth now, they would go bust as their lend/asset ratio is all sorts of fucked.
There are many (like a lot!) around my area, you can tell because they brick up the windows to stop squatters getting in. They have sat there empty, since 2009…Nature has a tendency to make unkept houses fall to pieces eventually too.
As house prices in Spain don’t go up like a lot of countries (even Barcelona and Madrid have barely moved in the last few years), this time bomb will one day have to be dealt with, not sure how though, I imagine the situation is that big it could collapse the economy. I read somewhere there a million repo/unfinished developer properties just along the malaga coast… I used to live in the province and there are whole urbanisations, just sitting there overgrown and empty, like ‘I am legend’.