Financial Crisis in Spain

Monday, 26 October 2009 ·

One thing clearly evident on our recent visit to La Alpujarra was the increasing effect of the current financial crisis on rural Spain. In some ways, such as the busy stalls and fairground at the Ugijar fiesta taking place just down the road, it seemed like business as usual. However, after a couple of days of closer inspection and talking to friends and locals, a different picture can be glimpsed.

Farmers are struggling with ever falling prices (hard to believe when you see the retail price of olive oil in the UK), and the knock on effect can be seen with normally lively bars and restaurants shutting earlier in the evening.

Many locals and expats earn a living from the property industry, both as agents and in the building and property renovation trade. Although I have heard of some properties changing hands, there is still currently an awful lot of property for sale in andalucia. I'm not sure whether inland spanish property sales are fairing better than on the costas, but if your own finances are weathering the storm you may never have a better chance again to pick up a cheap spanish property.

Aside from the financial crisis, one of the main reasons for the property downturn here is because of a loss of confidence in the market due to corrupt officialdom and some legal practises that can only be described as bizarre! This shouldn't necessarily put you off from buying in what is after all a beautiful country, but do be warned, read up as much as you can about the process involved and do seek out expert help.
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