Spe­tial edi­tion: spa­nish me­di­ter­ra­nean coast

Interviews of Spa­nish real es­tate agents of Costa Bra­va and Costa Blan­ca. Re­por­tage of Va­len­cia ré­gion: Ali­cante, Guar­da­mar, Tor­ré­vie­ja, Ho­ri­hue­la Costa, Car­tha­gène.

Investir en Europe - - Contents -

In­vest(ir) (en) Eu­rope team ques­tio­ned es­tate agents of Costa Blan­ca and Costa Bra­va, “what do you think about the Spa­nish cri­sis?” Tomás-Vil­la Mar­tin ci­ty- ans­we­red wi­thout he­si­ta­tion “The cri­sis is the pro­blem of the banks, there is no other pro­blem!” This pro­per­ty mar­ket spe­cia­list ex­plai­ned us that they have as much again cus­to­mers, but the banks stop­ped to fund pro­per­ty de­ve­lo­pers and sales of pro­per­ty since 2008, “to lend €1 the bank re­quires you have €20 mil­lion on your bank

ac­count”. So, on­ly lend to those who can re­pay. For Syl­vie-Ro­sas ci­ty- luxu­rious pro­per­ties’ price as villas didn’t de­crease “be­cause they we­ren’t concer­ned by banks mort­gage”, “and Bar­ce­lo­na steal re­mains an ex­pen­sive pro­per­ty mar­ket al­so”. Mau­rice-Tor­re­vie­ja ci­ty- ex­plai­ned us how the cri­sis star­ted “when the pro­per­ty de­ve­lo­pers was unable to sale of pro­per­ty, banks fo­re­clo­sed a lot”. This cri­sis drag­ged ma­ny people down as bri­ck­layers who won “bet­ween €3.000 and €4.000 per month 5-6 years ago”, but now they are unem­ployed and ex­ces­si­ve­ly in debt­banks lent them a lot.

Ma­ny es­tate agents as He­len-Ho­ri­hue­la

Costa- told us “Spa­nish cri­sis star­ted to come out”. “since the be­gin­ning of Spring

2014, pro­per­ty prices in­crease”. For Ja­quie-Guar­da­mar ci­ty- prices in­crea­sed around 8%-10% re­cent­ly, “in 2008 pro­per­ty prices were ex­ces­si­ve­ly high”, it is not sur­pri­sing it de­crea­sed of 40% in 2009-2010. Ac­tual­ly, ac­cor­ding to eco­no­mics forecast*, Spa­nish growth would be +1% in 2014-it be­gan since the end of 2013 thanks to in­dus­trial ex­ports and tou­rism. Construc­tion sec­tor was 13% of GDP in 2008 and de­crea­sed to 7% of GDP in 2013-plan­ning per­mis­sion de­crea­sed of 22% bet­ween Ja­nua­ry 2013 and Ja­nua­ry 2014. But unem­ploy­ment re­mains high (25,6% in Fe­brua­ry 2014). We as­ked to es­tate agents if the banks were a pro­blem. He­len ans­we­red “un­til the cri­sis, the banks lent too ea­si­ly” and she thinks it is a good way to be more se­lec­tive and doesn’t fa­vor ex­ces­sive debt. Ja­quie ex­plai­ned that some buyers don’t need loan and some others lend to their na­tio­nal banks when they are ow­ner in their coun­try be­cause the banks do mort­gage on­ly in the coun­try they are im­ple­men­ted. Mau­rice said that “the banks lent ea­si­ly to fo­rei­gners than for Spa­nish people since the cri­sis”.

Ac­cor­ding to Tomás, the Eu­ro mem­bers should fol­low American, Ja­pa­nese or Bri­tish’s example, “Ger­ma­ny is afraid of the in­fla­tion since 1929 cri­sis, and they still li­mit li­quid as­sets today”. The mea­ning of this es­tate agent could be: if the Eu­ro­pean Cen­tral Bank de­crea­sed bank rates, less than the Fed, it re­fu­sed to de­va­lue Eu­ro and al­so ECB and go­vern­ment States de­nied to abo­lish 123 ar­ticle of Lis­bonn Trea­ty which for­bid ECB and all the cen­tral banks of the Eu­ro area to lend to ad­mi­nis­tra­tion, lo­cal com­mu­ni­ties or any pu­blic es­ta­blish­ments. If Spain seems to start up, that doesn’t rule out the pos­si­bi­li­ty of a new pro­per­ty mar­ket cri­sis to start in an other Eu­ro mem­ber State (to read Inv­set(ir) (en) Eu­rope n°2 spe­cial French pro­per­ty mar­ket- De­cem­ber 2014). The buyers of Spa­nish Me­di­ter­ra­nean pro­per­ty mar­ket are Eu­ro­peans-ma­jo­ri­ty-, Ame­ri­cans, Rus­sians and Chi­nese people more re­cent­ly. «Rus­sians come in large num­bers be­cause Spain of­fers per­ma­nent vi­sa to ow­ner who bought a pro­per­ty cos­ting more than €165.000». Some Spa­nish people said “Costa Blan­ca is not Spa­nish” in the mea­ning of there are less Spa­nish people li­ving there than fo­rei­gners.

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