jackytoo

http://www.diariosur.es/v/20100228/m...-20100228.html

Long report about Brits selling up and leaving because of the exchange rate. Can't blame the Daily Fail this time. Reading the spanish comments below most are blaming the price increases for IBI, Electricity etc.

agoreira

When you see headlines like that, you sort of know what's coming!
Los británicos entonan el «bye bye»
¡QUE SE VAYAN,QUE SE VAYAN!
IBI to blame? It´s cheap as chips, surely?

jackytoo

|One bit puzzled me "Many are returning to help out their youngsters as they are suffering from the effects of unemployment" qué

Her's another one about Brits

http://www.diariosur.es/v/20100228/m...-20100228.html

pete_l

Sounds to me like the respondents are projecting their own concerns, rather than having an insight into the real reasons (whatever they turn out to be)

elspeth sinclair

Many pensioners and young families are leaving because of loss income caused by the exchange rates and unemployment. Many leaving behind houses the local Spanish cannot afford and the difficulty of getting mortgages. I have friends who have dropped their asking prices by 60,000 euros and have managed to sell but will find it difficult find anything similar in Britain to buy even though the exchange rate will be in there favour. Most older Spanish feel sorry for them as they remember what it was like to be immigrants. This is not a time to sneer but to help. Elspeth

Loco

I wrote the text below last year. For sure the ROE is bad but the bottom line is Spain is Bust.

I shorted so I have no concerns for myself.

Best

Loco

The Spanish Market

Standard & Poors Chief Europen Economist is predicting house prices will continue to fall in Spain until 2012. ( To give some context he predicts UK house prices will stop falling in Q4 this year and for most of Europe will stop falling in 2010.

Official figures show property prices in Spain fell by an average of 28.8% in 2008. Bernardos, a Professor of Economics at the University of Barcelona thinks, once adjustments are made, the true drop just during 2008 was 20%.

It is well reported the reasons why the “Costas” have suffered from far larger drops than the average.

Construction and property sector debts in Spain amount to 27% of GDP.

It is predicted that bad loans and mortgage delinquencies will soon reach 10% of GDP.

In the 12 months to March 2009 bad debts from Loans to Property developers increased by an eye watering 750% The true figure would actually be far worse as like in the case of MF many lenders have done debt for asset swaps ( The Spanish call it ‘dación en pago’).


Add to this the tightening of consumer credit, the ratios Cajas must maintain and the way the Spanish Unemployment benefit system works:

To quote a comment from an recent El Pais report “It’s a disaster”.

Frankly my concern is that every 20 seconds a child dies because they have no access to clean water or basic sanitation. LOL are any of us Brits or Spanish in a real Crisis ?

Best

Loco

elspeth sinclair

You only have to visit the outskirts of some of Spain's biggest cities to see some of the poorest people in Europe living with no drinking water, no sanitation, no proper shelter, no heating and no hope. They live a few metres away from luxury flats and they do not have access to social security or police protection. Many of them are infants and old people, the sick and the mentally deranged. We have the same problem in Britain but we hide them in highrise flats in no go areas and pretend they do not exist and nobody gives a pop concert for them. Elspeth

jojojojojojojojojojojojo

I've been out and about today, to the coast and then to Plaza Mayor, Málaga for lunch. Everywhere was heaving - with Spanish. Bust or not, the Spanish seem to be carrying on as before. Flash cars everywhere, certainly no evidence of belt tightening.... Is part of the problem that the government isnt getting taxes from everyone??? I know of at least two Spanish chaps who are living very well, nices houses, nice cars, kids at private schools - I know for sure that neither of them pay taxes on their earnings. So no one knows they're working One of them even employs a couple of polish chaps and pays them pittance

Jo xxx

wilki

Official figures show property prices in Spain fell by an average of 28.8% in 2008
I have not seen these price drops in Cuenca, or other citys, prices are staying as they where. as someone said, the spanish are still the same as before, drinking eating out, new cars, I think in another year or two it will hit them, For some reason which I do not know, spain is unlike the UK, where if you dont drop the price it wont sell, the spanish seem to have a price and thats it, a 1 or 2 bed flat in Aranjuez 1 or 2 yrs ago 200 grand , still the same today, A brit wanting out might have to take a big drop, but the Spanish arent.

agoreira

I think in Spain, as in UK, there are lots of people totally unaffected by "la crisis" life goes on unchanged for many. I have been trying to book a few days in the Cotswolds next month, and it's hard work! There are B&B, guesthouses (nice on'e mind!) asking £85 plus a night. We were also looking at a weekend in Bristol, our preferred hotel has nothing on Saturdays. Some are doing very well!
Even flights from our regional airport to Málaga are asking silly prices, so I'll have a break in UK instead.

Chiclanagir

Fly to Jerez instead and come to the Costa de la Luz.

agoreira

I might if they had flights there! I like the area, and funnily enough yesterday I had an e-mail from people we stayed with in a small hotel in Medina Sidonia, even offering four nights, pay for three. We have stayed many times in the area, Jerez, Medina Sidonia, Arcos de la Frontera, Vejer de la Frontera etc, so definitely one of my preferred bits of Spain. Know the coast from Tarifa, Valdevaqueros, Bolonia, Zahara, Caños de Meca etc as we have stayed quite a few times in Vejer.

Chiclanagir

Bolonia is my all time favourite.

jackytoo

Yes I like it too. It is a fab area but I wouldn't want to live there all the time. We often go for a few days.

Loco

The official fall was 28.8% in 2008.

As stated the Professor of Economics at the University of Barcelona thinks, once adjustments are made, the true drop was just 20%.

Those that undersand just a little about Spain will guess why the good Professor wiped out the 8.8 %.

The truth is that the situation is actually far worse and forced sales are currently achieving less than 50% from peak.

Best

Loco


PS. For the record there are loads of three bed flats available today at less than 150K euros in Aranjuez. Anyone trying to sell a one or two bed at 200K today is simply pulling your plonker, a crook or deluded.