Spain's property slump will deepen for much of the next decade, and tracts of buildings along the Mediterranean coast will have to be demolished, the country's top consultants have warned.
|Spanish government says the housing market has 'touched bottom' after falling 30pc since 2008 | Photo: AFP|
Fresh losses could reach 50pc and drag on for 10 to 15 years in those places where construction ran wild during the bubble, bringing the total decline from peak to trough towards 75pc.
"The market is broken," said Fernando Rodríguez de Acuña, the group's vice-president. "We calculate that there are almost 2 million properties waiting to be sold. We have made no progress at all over the past five years in clearing the stock," he said.
EUROPA Press Room, 30 April 2013.
Among the Member States, the highest unemployment rates were recorded in Greece (27.2% in January), Spain (26.7%) and Portugal (17.5%).
Compared with a year ago, the unemployment rate increased in nineteen Member States and fell in eight.
In March 2013, the highest youth unemployment rates (young persons under 25) were observed in Greece (59.1% (January 2013)), Spain (55.9%), Italy (38.4%) and Portugal (38.3%).
BY EDWARD HARRISON / ON 22 FEBRUARY 2009.
This first part in a series of articles lays out the statistics of bubble and bust, demonstrating the scale of the bubble in Spain and it also makes a number of suggestion as to how to prevent a recurrence. You should note that this article points out Spain’s helplessness due to its lack of control over interest rates as a key impediment to solving the problem. ...