This week the spanish property problems have made the UK news. The reporters have shown the extent of the empty properties not only on the coast, but also in the city suburbs. Madrid has areas that look like ghost towns. Things look worse than I thought.
Not only have the spanish developers / mayors / lawyers finally shown us Brits that our dreams can turn into nightmares, but they have ruined vast areas of beautiful coastline in the process. They really have only themselves to blame. They have no concept of customer relations, they don't comply even with their own laws, and they have seriously damaged their own economy. All in the name of greed.
Just my opinion, but I think that their government should be thinking about repairing this damage and they could start by ordering the developers who have not delivered properties to refund their clients, ( without any lawyers costs ) . They need to get their judicial system into some order and get their banks regulated by people who are not purely lining their own pockets. Speaking of people who merely line their own pockets, It is about time our friends , the European Union did something to help buyers, they say they cannot do anything, but do they not consider the vast amounts of EU funding that the Spanish have had to build new roads and infrastructure. Future funds could be suspended until this mess is sorted.
Some days, I don't feel as if there is any hope, but then I remember that I have only lost money, I still have a home, unlike those who have had their homes demolished or have lost everything.
However, I wonder if the spanish even know that they are on the brink of disaster, they are masters of denial.
There may be some good news on the horizon though, with some progress in the EU to allow people who have lost property to land grab to be properly compensated. I do hope this happens soon.