Spanish nationals not spent excessively...hmmmm
Wednesday, June 4, 2008 @ 11:53 AM
I was reading
this article today and was surprised at the quote:
""Spain, unlike the UK and USA, has a silver lining though, as many Spanish nationals have not spent excessively. Therefore experts predict the property market will recover quickly and the levelling off of the currently high Euro will be instrumental.
"One must also consider the rental market. Differing from the UK, rental is a popular way of living in Spain and as such there is still a huge demand, which is likely to grow in the short-term and should help to keep the Spanish property market buoyant."
I beg to differ. I have spent the past few days talking to various Spanish friends and they all tell me that they HAVE spent excessively as they've been enjoying the, up until now, booming Spanish economy. This applies especially to the younger generation.
They also tell me that most don't want to rent, they would rather buy their own homes and own a property just like their parents.
In fact, various Spanish friends of ours are not in huge financial difficult due to unemployment, rising mortgage costs and fuel prices.
The Spanish government does have a scheme in place to help people afford to rent a property but it doen't mean that that's what they want to do.
I personally don't think Spain has a silver lining, these are tough times everywhere.
What's your opinion on this?