Photographer's Note

This is a grafiti on a wall outside a construction site in barcelona: It reads: Tecnocasa bloody speculators!!
Tecnocasa is one of Spain's most important real estate companies. THe person who wrote this message was prbably frustrated with Spanish housing prices.

Spain has been identified as having one of the world's most dangerous housing bubbles. Prices for a standard 3 bedroom apartment in the suburbs of a majopr metropolitan area can reach over 300,000 EUR. A small one bedroom apartment in the center of a big city can be close to 200,000 EUR. Basically spaniards do not like to pay for rent, and Spain has one of the highest rates of homeownershio in the world. ALready, people live on average with there parents into their 30s so they can save uo for the downpayment. Mayor factors contributing to the housing bubble were the introduction of the EUR, were many people put in their black market money into housing, as well as lax banking laws. In Spain people can borrow money on a flexible itnerest rate for periods of up to 40 years. In an average couple one entire salary can go to pay for housing costs.

It is a mistery to me how prices can keep going up and who has the money in SPain to buy apartments at such high prices.

I hope it has a happy ending....

MiguelP, sabyasachi1212, pridel, Quentin, Paolo, Cuba-Junky, rbeckerb, aloyho has marked this note useful

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Additional Photos by daniel barreto (rbcy1974) Gold Star Critiquer/Gold Star Workshop Editor/Gold Note Writer [C: 2354 W: 147 N: 3406] (20758)
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