Madrid Teacher

In the financial times the other day there was an article of the end of the boom in Spanish property. This has no consequences for me, but many of my friends are mortgaged to the hilt. I rent and will always rent, when I owned a house it was an hassle and when I sold it it was more hassle and everytime I return home my friends tell me how much I would have made if i kept it, I reply yes but I would need a stress ball the size of Pudsey Asda. My own opinion is that there will be a decrease in prices in many areas of Spain but not in hotspots such as Madrid and Barcelona. My friends in Valencia tell me that prices are not rising, but thankfully they are not falling.

In the FT article it talked about the impact of several corruption scandals in Spain on the fall in property stock prices. This may be the case but it seems to me that the whole system in based on corruption, many friends have left spain with 100, 000 euros in bags when they have sold their properties here, many people seem to pay a part of the price with "black money". It would therefore seem axiomatic that a industry built on corruption with corrupt foundations will be destroyed by corruption and corrupt practices. The corruption seems to be practised at individual, local governmental and corporate level. I know it is not the same in every instance, but it seems to me that it is in a reasonable amount of cases

Labels: economics, Politics