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People who’ve invested in property in Spain could be concerned at
the recent falls in building and construction shares on the bourse.
The falls – up to 65% in some cases - follow worries about bad debt
and the news that some companies were buying their own properties to
keep prices artificially high.
Spain has been a favourite destination for Britons looking for an
overseas holiday home or investment property and they have been
encouraged by the spectacular price rises in recent years. But
over-supply, corruption scandals and regional property laws has
started to started to take the shine off the market.
The price adjustments will not effect those who have left the UK and
retired to their casa on the costa but it will be a problem for
people who have bought as an investment and are looking to sell in
slow market.
With new kids like Bulgaria on the EEC block now looking more
attractive to investors, it may be some time before the good times
return to Spain.
4th May 2007
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