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| Buying Property Abroad Thnking of buying a house in Spain or somewhere else abroad? Post about your questions, answers, and experiences here. |
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07-17-2008, 12:59 PM
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Spain?s leading construction firm goes bust
Spain’s property market crash has claimed its largest victim so far. One of the countries biggest developers, Martinsa Fadesa, has declared itself insolvent.The demise of Martinsa Fadesa has been attributed to an oversupply of properties and rising borrowing costs.The group has been unable to refinance its debt and will now begin selling its assets to [...]
More: Spain?s leading construction firm goes bust 
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07-21-2008, 07:53 PM
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I don't think anyone who has had experience of Spain will be surprised by this news. Empty properties are everywhere - new and resales. Visit any inland town and you will see blocks of apartments going up everywhere. Who will buy them from the developers? Unless all the coastal urbanisations are vacated and there is a migration inland !
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07-22-2008, 11:22 PM
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Not only Spanish builders are having problems, it is the UK and the USA as well. The mortgage markets are stuffed so it affects all markets. Spain has its own problems with bureaucracy, over build and a socialist economy. But still has 60 million people a year come here so it still has merits.
Fadesa was brought out last year at the peak of the market, but they still have considerable assets.
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