“SPANISH house prices could drop by a further 50% and may not recover for the next 15 years, according to experts.”
The government will not last that long.
The same will happen in the US, too.
This what happens when you deficit spend for three generations, become decadent, less productive and stop procreating. Soon waves of North Africans will be settling into those abandoned and cheap properties. The future belongs to the fertile.
Get a cheap house but the commute is killer.
Their situation is basically the same as ours in that they also built HUGE NUMBERS of unneeded (and now empty) houses...and they need to let prices drop to the point where people move out from being with their parents or friends and start buying these places. Spain is trying but is not doing enough to get that going...we are going the other way, just to make sure the real crash is much, much, worse.
“The gain in Spain falls mainly down the drain.”
Bump for reference.
Well, they may or they may not.
The experts don't know jack-squat about the future any more than the rest of us. What a silly article.
If there are people to reside in them, there is a floor to the decline, that being comparable rents. Servicable, practically new, completed structures for less than the cost of materials is a major anomaly that will represent an opportunity for the brave soul with the nerve and the reserves to buy. Government-related expense could drive it down further still, but an equilibrium will be found where demand for shelter exists. If any razing occurs, it will be decrepit, neglected older structures that are basically “totalled” to borrow an automotive insurance term, more expensive to repair than their worth on the market.
If someone had the cash, it might be a good time to buy a vacation home in sunny Spain.