[alexander_busek]

I think he sold most of the units but if he didn't it could be another 12 years before anyone can afford to buy them again.

And then yet another twelve years before an actual need for them arises - because the Spanish real estate market is suffering a long-term glut in the area of "tony" seaside vacation / weekend homes.

There are people with money - but no one clamoring to purchase such properties, because of oversupply.

There is no "cure" for oversupply - unless you torch 1/3 of the houses.

Regards,

[marktwain]

There is no "cure" for oversupply - unless you torch 1/3 of the houses.

Sure there is.

Increase the demand through increased prosperity and increased consumers, or decrease the price.

All would work.

[Oshkalaboomboom]

And then yet another twelve years before an actual need for them arises - because the Spanish real estate market is suffering a long-term glut in the area of "tony" seaside vacation / weekend homes.

Perhaps in some places but not where I live. Those condos I spoke of sold out for a reason. Our real estate market was vibrant, international and the group buying the most was the French. Our next door neighbors are from Bordeaux and this is their vacation home. They were getting a great rental rate but I spoke to the property manager and every reservation on every property he manages has been cancelled. This town relies on tourism and I don't see it coming back for a long time, which could have a snowball effect and lead to just the kind of glut you mentioned as people who relied on rental money to pay for their units (my neighbors aren't one of that category) have to abandon them.