There’s an amazing article in the UK Daily Mail about the real estate market in Spain. Very interesting reading.
And yet by the end of this year, there will be an estimated one million unsold properties on the Spanish market. Another two million lie empty. Add to that the global credit crunch and mounting Spanish interest rates, and as one real estate agent put it this week: “It’s like the UK situation on steroids.”
Thankfully we are no where near having problems like this. Here’s another:
Tumbling property prices, a glut of new properties still flooding onto the market and rising Spanish interest rates are taking their toll. Added to this, illegal building practices mean that 100,000 coastal homes are now under threat of demolition. And to make matters even worse, the pound has fallen almost 12 per cent against the euro over the last year, leaving many British residents even further out of pocket.