A brief note on Spain

As the more observant of you may have noticed, it has been close to a month since my last post. The reason for this is due to a minor change in our living arrangements, namely a relocation. Before going into the whys and wherefore's (or whatevers) one needs to take into consideration the current economic situation in Spain and in particular our little corner.

The campo (countryside) long the coast from Marbella down to Sotogrande has been desecrated by over development. Greedy developers have built scores of Urbanisations and apartment blocks all along the coast totalling thousands of houses, flats and apartments for which in the current climate there are no buyers. There is estimated to be around 120,000 empty properties in Andalucia. This situation has been compounded by the number of expatriates who, due to the fall of the pound against the Euro have found that their incomes, pensions, savings etc... are no longer sufficient to cover mortgages and living expenses. It is also noteworthy that property prices in Spain have been grossly inflated beyond what the properties are worth.

Since the 'global financial meltdown' property prices have now fallen to more realistic levels which has resulted in property owners having mortgages in negative equity. Mix this with the fall in value of the pound and you can understand why expats are simply handing their house keys back to the banks and moving back to their home countries.

This now brings us back to our current situation. We rented a property on an urbanisation (urbanisacion) in the campo. Our landlord owned five such properties he'd brought off plan for investment purposes at inflated prices. He has since decided not to pay the mortgage for the properties with the result that the banks have re-possessed them and evicted the tenants including us. Fortunately for us we have dropped on a new place and moved in a couple of weeks ago. As you can imagine things have been hectic and its taken a while to get t'internet back up and running but here we are again.

You will be pleased to learn that the olives survived the move and are well. The Italian feast will follow before too long. Please keep popping by.


Oh by the way if you do have some spare cash to invest, re-possessed Spanish property could now be a good buy. Prices have really dropped. There are rumors of two for one sales at property auctions and although Spain's economy is yet to see its worse (likely to have similar problems to Greece) eventually things will come round. Historically these things work in cycles. Boom, bust then boom again.

Sorry for such a serious post but then we did advertise a site with a bit of everything. Next one will be a bit more lighthearted. I might even throw in a few jokes about rudely shaped vegetables... ooh err misses.

Steve