Originally Posted by SpainHomefinder

Yes - Spanish real estate is in a bad way and so in fact is Spanish tourism.
The two issues are related because they are caused by the same problem of gross over-supply.

Government-issued statistics cite 3 - 4 million unoccupied properties with a further 1 million approx. unsold and under-construction.
I have been watching this whole incredible scenario unfold, and writing about it, for almost 4 years.
The silly part about it all is that it happened before, for different reasons, in the early-90's. On that occasion Spain devalued the peseta within the EMS and the economy recovered faily quickly.
They cannot do anything like that now because of the Euro.
As I see it the Spanish economy is in for a troubled future. How on earth can they sell off or otherwise occupy 5 million properties?

I cannot post URL's because I am a new member but you cut and past to read the articles -

moraira-info.com/Articles/Spanish-Economic-Recession.htm
moraira-info.com/Articles/Spanish-Real-Estate-Crash.htm

Otherwise click on my Moraira Advertising and Information Portal in the signature.

Personally it's all rather sad because I have lived in Spain and been involved in real estate, one way or another, for 36 years.