So what happened to that economic meltdown that was predicted at the tail-end of 2008 huh? You know the one, where we were all threatened with destitution, where the very fabric of society was going to unravel and we would all be forced to barter with the extracted gold teeth of the bankers who got us into this situation in the first place, using their braces for underwear and their cufflinks as makeshift bolts holding up our soggy, desperate cardboard homes? You know it, that one.
It’s now Spring 2010 and while there have certainly been some dramatic economic developments over the past 18 months, the vast majority of people have not had their lives altered too drastically. A few corners cut here and there, some belts tightened, the next car purchase put on hold along with the latest pay rise…that sort of thing has been going on, but your average man on the street is still as comfortable as he was during the ‘boom’ years of 2001-2007.
Yet flick on the TV (indeed, your TV is nowadays likely to be one of those HD-ready, 42 inch plasma wall-mounted behemoths that are so commonplace the very notion of ‘economic meltdown’ news reports being cast on something so advanced, luxurious and affordable comes across as some sort of brilliantly warped satirical skit) and the negative reports keep on coming…or at least they did until a few weeks ago.
With the advent of Spring, it appears that the warmer temperatures have thawed not only the frosty ground of Europe, but also its shuddering economy. Economies are growing once more, while in Spain particularly commentators are distancing the country’s economy from that of Greece’s, secure in the knowledge that Spain’s banking and high-tech industries are much more robust than first feared, and the country’s economy relies on much more than just tourism, property and Rafael Nadal sweatbands.
Speaking of which, Spain’s property market – for so long bedevilled by corruption, speculation, defaults and universal bad press – also appears to be on the mend. Prices have bottomed out, with the first property price increases for nearly two years recorded at the start of 2010.
A more sober and considered approach to Spain’s property market is being adopted this time round: no wild speculation, no false promises, no shifting sands…this approach, favoured and led by VIVA, is slowly but surely instilling renewed confidence into the market, which is proving a boon for the many thousands of potential homebuyers, as well as a reassuring sign for vendors looking to sell at the right price.
The right price…something that has eluded much of Spain’s property market for some time. The old maxim remains: ‘your home is only worth what somebody is prepared to pay for it’, and with improved transparency, more honest reporting of facts and a buyers’ market more willing to ask the right questions and conduct the appropriate research, the future for Spain’s property industry looks secure, with buyers ready, willing and able (with improved mortgage lending across much of the UK and Spain also being reported) to pay more.
Less flashy and exciting maybe, but secure, sound and safe for all involved, and who – aside from a few that are not to be trusted – would not want that?
Tags: Property in Spain, recession, Spanish economy, Spanish property, UK Property
