There are still Spanish buyers and Cash in the Economy
03/11/2009
Perhaps surprisingly, a number of estate agents are noting that there are many individual Spanish buyers of properties in Costa Del Sol. The Spanish see that the market has been abandoned by UK buyers due to the poor strength of the pound. Also, Sterling sellers can sell at 20% below what the property was marketed at a year ago and still end up with the same amount of Sterling to take back the UK with them.
Also, don't forget the stock of B-money, which will come out at this time for cash purchases. It will also support the economy for sometime, although it is foreseen that the recession may be sufficiently long in Spain as to draw out most of this 'resource'. Perhaps that is the Bank of Spain's cunning plan to remove the alternative economy. Unfortunately, the raising of taxes will just encourage it even more.
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Campbell D Ferguson
F.R.I.C.S. Chartered Surveyor
Survey Spain
00 34 952 923 520
