Living in Spain - Is the crisis over?

In this vlog I talk about the housing bubble in Spain that has had such a large impact in the Spanish economy and whether the construction and and real estate sectors have finally recovered.
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[@lordbrettsinclair2906]

I am a Brit living at the far western end of Andalusia , right on the border with Portugal , and a lot of the urbanization I'm on is unfinished and has been for years , but I have seen NO crime whatsoever and even the unfinished homes are not vandalised . It is quiet and not for teenagers , but it has everything I need and the locals seem friendly . The cost of living is cheaper than the UK and the house I bought was less than half the price it was when it was built .

[@RAZR_Channel]

good to hear the point of view of a person actually living there. The news is always distorted as to what is really happening in an area

[@bigbig-ex2ce]

Thanks for your clearly report. It's very helpful !

[@GamingHarry]

I migrated from Buenos Aires, Argentina, to Galicia in Northern Spain, and I can tell you that for me it was a HUGE step-up. I studied a master's degree and got a job in HR, and am doing pretty darn well, at least according to my expectations. But, of course, this is just my story.

[@cheguevara5560]

Hola , yes every person story is a different ,enjoy your life in Galicia

[@jaym-bu3cr]

GamingHarry is it true there are many people from Spain working in Argentina? Alot of Spanish people work in Latin America I have been told

[@unknown1645]

thank you for giving us your opinion on the crisis. keep on making videos they are very enjoyable to watch :)

[@spainspeaks]

HI +mentality, thanks for the comment. Glad you enjoyed.

[@forcemajeure1731]

Great, thanks for your vids :) Interesting to hear how things are in Spain from someone who lives there

[@spainspeaks]

Hi +quicky koala, thanks for the comment.

[@Mejorcompra]

Certainly tourism has great weight in the economy, but Spain has a developed industry. For example, it is the second country in Europe to manufacture cars. As for the financial system, I do not know if you know that UK has had more banks intervened by its government than Spain. Santander Bank is today Europe's largest bank and BBVA and Caixa are large.

[@welshtoro3256]

Hi Piri, Spain has some excellent companies and strong banks. What it lacks is economic diversification. Far too many people are employed in small businesses. This means that wages are low. It's really not as developed as northern European economies. I'm not having a go at Spain but many Spaniards confuse their love of their great country with global importance. I love Spain but I can tell you now that the U.K, with its many faults, can take the hits. The Spanish people are far more vulnerable to global uncertainty.

[@debclato5984]

UK has more banks!

[@grahamjohnson4702]

One of the problems seems to be that an unfinished building site is more expensive to restart than the amount of money required to start a new site. To restart the part built sites require the whole site to be purchased whist to start a new site requires only the land to be bought and the infrastructure to be laid and the initial build to show something is happening. When the deposits start to roll in that pays for building to continue.

[@Valhalla_Heathen]

The view is breathtaking 😍

[@franskuiper4741]

Australians should be very nervous when real estate is the main driver of the economy.

[@spainspeaks]

en.wikipedia.org/wiki/Australian_property_bubble

[@GitFiddler]

Looking at housing in Alicante area, the cost is way more than the value, especially since most construction is simple block, concrete, and plaster. Looking at some real estate videos of lower garage block walls, the mortor isn't laid evenly between the blocks, and is even missing in places, and the finish work didn't even strike the mortor grooves! An American brick (small brick) Ranch style house out in the country in the southeastern U.S., approximately 1800 sq. ft., 3 bedrooms, 2 and 1/2 baths, enclosed garage, full basement, 10 ft. x 15 ft. rear wooden deck, 20 ft. x 5 ft. front concrete porch, situated on a 1 acre lot, built in the 1980's, goes for around 125,000 U.S. dollars. Construction technique is concrete block wall attached to a 3.5" thick concrete pad (with about a 3" gravel layer underneath the poured pad); and then a wood plank sill attached to the top of the concrete block with 2" x 4" wood framing for the walls, and 2" x 8" floor joists at 16" centers with 3/4" plywood floor decking. Then the ceiling joists are 2" x 8" wood boards to form a gable roof frame with 3/4" plywood decking, and then tar paper with a metal roof covering. Attached to the 2" x 4" wall framing are masonry links that are mortored with an outer layer of brick. At each end of the roof at the top corner are 1" x 6" wood slats overlapped that support a side vent, one for each end. On the very apex of the roof is a ridge vent to allow hot air in the summer to escape the roof area. The outer concrete blocks which are 3/4 underground are sealed with waterproof rubber sheathing and tar. The inside room walls are constructed of 2" x 4" framing with either wood paneling or sheetrock. Wood trim on all door frames and wood baseboards throughout. Front and rear entrance doors are metal insulated. All interior doors are of birchwood. Bathrooms have ceramic tiled walls half way up. Bedrooms, hall, living room, den, and dinning room are carpet.

[@takoreamexicangrill]

And your point is...??!

[@yiayia9373]

Thank you, interesting.

[@anthonylondon3366]

Afraid Spain ruined much of coastline in bubble years with speculative overdevelopment schemes. Compare with UK with best and scenic coastline protected.

[@TheAussieGuitar]

Good reporting mate

[@pedrofmc0000]

At least I hope businessmen who build those houses are risking their own money and are not financed by banks.

[@mrvalvet9856]

Great info. Can you do an update with your views on the housing market in 2020?

[@gerrym5257]

8 years ago I was looking to buy a holiday home in Spain. I had a fantastic job in the U.K. that allowed me to visit Spain several times a week. I was, over the space of a year, able to get the lowdown on the ups and downs of life in Spain, the property market, etc. I became friendly with many ex pats, kept my ear to the ground, and did my research. Long story short....... I didn’t bother buying. The property prices were crazy, absolutely crazy. I had a lovely three bed detached property in the UK, complete with all the mod cons and all the comforts of home, and close to the beach. For what it was worth on the open market I couldn’t buy a small two bed semi in Murcia at the time. I then looked at buying a simple one bed apartment as a bolt hole, once again the prices were crazy. Eventually the property market bombed, but even at its lowest ebb, Spanish property prices were way over the odds. Then enter the crazy Spanish property and rental taxes, even if the property remains unoccupied! Hello! Really! Bottom line...... the premium you pay for property in Spain is for one thing only, Sunshine! This market cycles from boom to bust and history will repeat itself. As the guy producing the video said “all Spain has to offer is property and construction”. A huge percentage of the coastal jobs in Spain exist only to service the holiday industry and influx of resident Brits, French, Germans, Norwegians, etc, etc, etc. As long as there are people prepared to spend way over the odds for property in Spain, and all because of “sun fever”, then this vicious cycle will continue.

[@jibeneyto91]

We will go through the same thing again, haha, probably true. We never learn. There's also some industry in Spain. Not much, but some... I mean 10% of our GDP is in the automotive sector. And exports are also important. But yeah I get your point that Spain is basically tourism and construction because in a way it's true.

[@welshtoro3256]

Lets not forget agriculture. Many people dependent on that particularly in Andalucia.

[@doremi8441]

Hello, I have been watching your videos for quite a while. Thank you for the sharing. May I ask if there are any changes in Spain on the housing issue after all these years? Thanks and stay healthy!!

[@nidyarahmanita9434]

oh your vlog is really mind blowing, now i'm writing about spanish bubble economy for my bachelor thesis, at first I think spain bubble economy just same as u.s real estate bubble, but as a watched your video yeaa it's kinda different..

[@keithnewton8981]

To be far the spanish government purchased some of these properties across Spain to make into social housing and people refused to live in them saying they would be stigmatized fr living in social housong. The government where meant to prevent new construction whilst half completed site lay unfinished

[@margaritabueno9141]

It's like I'm saying since quite some time: esta todo muy mal repartido ... too much luxury on one side and incredible poorness on the other side ... 😡😭

[@mrs.kathleenantuna7701]

we have this in the United States too.

[@rsnankivell1962]

A news for your theory about the crisis: 1.- Spain unemployment rate: march 2007: 6,9% march 2010: 17,3% march 2013: 26,4% march 2016: 20,2% march 2019: 13,6% 2.- Spain nominal GDP per capita: 2008: 24300 € 2013: 22518 € 2016: 24200 € 2018: 26100 € 3.- Rivas-Vaciamadrid nominal GDP per capita: 2010: 31678 € 2013: 30298 € 2016: 31758 € 2018: 32830 € 4.- Those houses and buildings in Rivas-Vaciamadrid, that you show in the video, are built and many are inhabited for a year....and there are more under construction. 5.- Population of that town, Rivas-Vaciamadrid: in 1/1/2013: 75400 people in 1/1/2016: 81400 people in 1/1/2017: 83700 people in 1/1/2018: 85500 people in 1/1/2019: 88700 people. 6.- Its industrial area and malls, established for 4 km along the A-3 motorway towards Valencia, is almost complete; it's planning to build another industrial area very soon, to accommodate the existing demand for industrial buildings. Remember!! Spain is like the Phoenix Bird: reborn from its ashes again and again, again and again ....

[@hitcher1779]

+spainspeaks ~ is it possible that you could update this video ~ are matters still as bad, for the construction / housing industry and are property prices starting to improve ?

[@denniszenanywhere]

Hitcher177 yes would also like an update.

[@Radnally]

I've heard that purchasing real estate can be tricky with getting title, etc. I fix up houses in the US and there's a very good infrastructure for fixing homes due to materials being available at Home Depot and lowes stores being located n most areas. Does Spain have such stores located throughout the country?

[@gretai8057]

There are no Home depots nor Lowes😂unfortunately...

[@elmendaki]

@@gretai8057 pero hay otras, igual de grandes, para reformas. bricodepot, la plataforma de la construccion, y hay muchos almacenes de construcciones mas especializados. aunque el que ha preguntado lo tiene jodido, porque son los rumanos lo que tienen las exlusivas de las reformas, por lo baratos las hacen, claro esta que son una mierda reformando, no tienen ni idea, son unos chapuzas, la mayoria de ellos, ni siquiera han trabajado de albaniles en su pais. Y vienen con nociones anticuadas de trabajo que hacian en su pais. Lo poco que saben lo han aprendido aqui, a base de metodo empirico, ensayo y error.

[@SwordOfUltimate]

How does it looks in 2021?

[@robertj.thirlby8166]

Live in the Valencia Region for past 10 years running a small enterprise. Agreed construction has decimated large parts of the economy. Having said that here in Castellon there is a large export led economy often thriving with little or no state support. Clearly there is not work for everyone but I've seen many sme ride out the recession and successfully competing oversees.

[@manuelvilar4496]

australia is the same property investments

[@Yat48]

long wait ahead

[@nikosv8166]

"That's not a bubble, this is a bubble'..say many Australians. On a different note, do I detect a slight Aussie accent?

[@rolandscelmins3496]

plese film video abaut salvege yards

[@VodwallLive]

You're not talking about the building market in other parts of Spain such as in Andalucía where there is not much constructed now. There are still lots of empty homes and half built buildings in the smaller towns.

[@invisible7066]

can student study and work in Barcelona?

[@brenchomsky3515]

How is it to live in Alicante ?

[@jralvarado1863]

Hey there Good Video...Thanks by the way. I have a cuestión for you sir. I cuerrently Live in México and I am a Mexican National I have been debating alot for about a year to move to Spain for a better future But is seems though that Spain has a worse economy than Mexico. What do you think? Is there any way you can make a Video On the wages, food and rent expenses as well as the best city and state to live in. Thank You for your time.

[@margaritabueno9141]

JR Alvarado Permitame de darle un buen consejo: Quedase en Mexico Señor, le aseguro que no encontrara mejor lugar que en su propio pays.

[@FlamencoOz]

The politicians know... my cousin works in the Catalan government and before the crisis I remember her telling me that the only thing the politicians were talking about was the construction bubble and how it was all going to end badly (and this was pre GFC). What the politicians say in public and what they are saying behind closed doors are quite different. Unfortunately housing bubbles are real all over the world... whether it be Spain, UK, USA, or my own country of Australia however in Spain it's amplified for some reason. At it's height construction accounted for 30% of Spanish GDP which tells you why the model is so important to them. Spanish youth unemployment has always been high and always will be unfortunately. My brother in law came to Australia at 23 yrs of age without ever having a job and none of his friends had ever had a job. 5 years later in Australia he has never been unemployed and is now a chef. Spain will always be Spain as much as I love the place.

[@topmarkstuition4554]

Hello Spainspeaks, Can you please help? I wanted to buy in Alicante a new build house now in 2018 to beat the Brexit issue of moving to Spain. Have paid a deposit, not very much but thinking of pulling out due to feeling that it's too risky financially and a bit unsure about the building practices. So this is a very interesting video for me. Do you think the economy is going to increase in its getting better? Or do you think this is a false economy peddled by the home builders to get you to part with you money? Essentially are we in the area of Trumps 'Fake' inflating economy or is it better to rent for over 6 months to get residency than to buy? Thank you!

[@takoreamexicangrill]

How much is the overall cost of your unit? Is it second-hand or off-plan? I might be interested..

[@Andreas4696]

You remind me of a guy called Econcat88 on youtube.

[@1988julio1988]

well..Madrid is not Spain. The rents are already going up in madrid so its normal that construction is back. The city is growing, creating jobs in ALL AREAS(not construction based growth) so people need a place to live. Its a lot cheaper to start new buildings than to buy the ones that are half done and finish them, thats all. Perdona por mi ingles.

[@spainspeaks]

Hi +1988julio1988, construction is a big part of all developed economies. The strange thing is that it was a sector destroyed for so long her in Spain. My main question is, how big a role will it play in the future? No te preocupes, tu inglés se entiende bien.

[@racing92h]

+spainspeaks Hi, nice video. I think spanish economy is growing because the low price of petrol in the world. Also, the government, over these years, has taken huge external debt in a try to reactivate the economy. In my opinion, could be a solution improve the education (we need smart and profesional people to replace bricks), reduce deficit fiscal, help to small and not too big companies with the taxes and export more products, reduce illegal employment (will generate revenue ). I recommend be carefull with "hipotecas" and new buildings, i think in the next years will increase the interest rate, consequently of the dollar, the euro and the probably increase of the price of petrol in the world (in the next 10 years). That´s my opinion. Sorry for my English (too).

[@margaritabueno9141]

I'd like to know why it's cheaper to build up new houses than to continue on the ones which construction has been "interrupted", if I may say so, it doesn't make sense to me, to leave all those buildings in ruins, as symbols of an economy where obviously a lot went and still can go wrong !?! Thanks in advance for/if answering.

[@imkersbud]

Nice one......we have got same real spanish bull shit going on in 29.06/2017 ..... from 223.000 euros??? if in all over spain are so many flats empty why someone spend more the 20.000 for a flat?

[@grandadan]

That should be the right price! However you can´t find even an old small house for that money! Madrid is expensive and also one of the places where you have the best salaries, therefore some areas of the city cost that and much more too, but there are flats for half that price too!

[@25jake88]

Hi, do you know any good websites or phone application where I can browse properties from Spain? There's this website called rightmove.co.uk where I can view properties from Spain, but it's mainly a UK based/oriented website. It's a very good website if you're looking for properties in UK, you can even draw your search location on a map, but you can't do this if you search for properties outside UK. Is there a spanish website with the same caliber?

[@spainspeaks]

Hi +Jose Ibañez, try www.idealista.com/en/, it is the most popular site here.

[@25jake88]

+spainspeaks it's a really good website. Thanks! 👍🏽

[@jerryj3854]

Perfect! I've been looking for a good site like that. Thank you.

[@maxiwerber7441]

idealista.com

[@Mejorcompra]

There is no pie of a planned economic model. What happened is that mortgages fell a lot. Which entailed a great demand for housing that ended up feeling speculative on the part of ALL the Spaniards.

[@iconrocks]

im a male nurse in india , I have 2 years of experience in operation theater, so can I work in spain madrid, does is good, plz help me.

[@danporti3942]

Not sure if your degree from India is valid for Spain, you would need to check that out first and ask maybe if you need to do anything to validate it for spain. If that is ok then the next is what salary do you expect, if you work on weekends, nights and all that you maybe can put out 3000€ before income taxes at the end of the month, if you prefer to do a morning or evening only shift maybe you get 2000€, which is a pretty good salary for Spain price standards. But that is only on an regional health service (which mean working for public health system, thus passing an exam), because salaries drop drastically on private clinics or most private hospitals (from my experience, since I'm a nurse too, salaries drop by nearly 30-40%). As for life in Madrid...well, I don't like big cities, I just can't stand all the problems they bring like noise, traffic, long waits, long distances...so I can't be fair on that.

[@iconrocks]

Thanks you

[@markdonovan1540]

Many Spanish nurses have left Spain to work in the NHS in the UK. Madrid is an expensive city to live in if you are on low wages, which would be the case for a nurse, unfortunately. It's not as expensive as London though. Do some proper research before making any decision. Also, you would need a good command of the Spanish language to work in Spain.

[@glennthomas9878]

What's the safest way for British to buy a place in Spain

[@pedrofmc0000]

Learn Spanish... and ask over and over

[@SergioGarcia-my2zi]

Mallorca, Marbella, Ibiza...

[@user-kq5qp6dh8l]

Dont do it.. Safest bet. All corrupt, police, lawyers, local council.. I livid there.

[@jackrizzo5489]

Europe and America should study the Japanese economy. They went through their bust 25 years ago and they are still stagnant. Its the end of growth worldwide. The end game of industrialization. The populations are tapped out and demographics are now moving backwards. Growth will be impossible while the baby boomers are retiring and dying and younger generations are not making as many children. In Europe and America housing prices still have not recovered to 2006 levels and won't for a very long time. Zero interest rates are here to stay and we might even see the end of our current currencies. Get use to complete stagnation

[@blinkyblonk4912]

Not a bad blog actually . Very clearly amateur ..... but worth a look .

[@zeidyt5634]

Hey, so just a quick question I've never left America so I don't know a lot when it comes to other places. Does Spain have ac? .What countries do have it?

[@spainspeaks]

Hi +Z Z , by 'ac', do you mean air conditioning?

[@zeidyt5634]

spainspeaks yes! sorry

[@spainspeaks]

+Z Z Yes. It's very popular here, especially in the centre and in the south, where it can get pretty hot from June - Sept.

[@zeidyt5634]

Ohh ok, Thank you for replying!

[@mhmthebest6750]

+spainspeaks What about Canary Islands!!!

[@moo7ammed1]

where is the next bubble will be ? in your opinion !

[@spainspeaks]

Hi +moo7ammed1, do you mean in Spain? If so, I have no idea. Hopefully, growth will be measured and everyone will be able to progress at a normal pace.

[@josedupuydelome9486]

The awnser is yes, the crisis is almost over if not already over, Spain teaches every day the best engeneers and the best dostors in the world, it is able to enjoy one of the best health system and train system of the world, it is the second country with most tourists per year and it has many eco related sources of energy, with English brexit many companies will go to Spain and hopefully the unemployment will decrease as that is the real problem, Spain has one of the fastest growing GDP of Europe and don't let this guy fool you, you can go anywhere in the world and you will see ruins of buildings half constructed, although I am not an expert and I cannot say my personal experience as I don't live in Spain, but when I've been there I've seen no real difference to France or Germany.

[@takoreamexicangrill]

Tosser!

[@qualqui]

223,000euros for your standard home, um....3 small bedrooms, 1 bath, 1 small kitchen, small combined living room/dining room, small service patio, carport for small to medium sized car and a "postage-stamp" sized garden in front, here in Mexico that house would be going for 850,000 pesos, considering the exchange rate of 23pesos p/euro 2016 rate, that comes out to 5'129,000 mxpesos! And then if you sign on a mortgage, the interest that will accumulate from day 1 to finish.

[@newsflash1014]

I'd like to tell a Hispanic federal government police officer, I think your country owes my country some Money back.

[@margaritabueno9141]

news flash 101 Are you sure you're not confounding SPAIN (a European country, by the way) with some country of Latinamerica ??!

[@calgal5752]

news flash 101 There aren’t Hispanics in Spain.....

[@dougm3037]

Liked your report. Poor old Spain. Beautiful country and friendly people. Hope they don't repeat their mistakes. Spoke to an expat bar owner in Sevilla who said the government was making it harder and harder to do business. Told me Spain had no middle class just a rich elite and the poor masses. Not healthy. No wonder they have protest marches every other day.

[@AndressAndress1]

I highly doubt it.Spain had over 20% unemployment 3 times over the last 40 years.

[@jibeneyto91]

There's no real "middle" class in Spain as an American/Brit would define it. Many people in Spain consider themselves middle class (just see the comments here) where in fact they are poor. When I say poor I mean "EU-poor", they have no purchasing power, they can't save money by the end of the month because wages are barely enough for surviving and so on. There's also a huge generational divide in the society. Younger people in Spain wouldn't ever make it if it wasn't for the support of their families, that's not so in other countries like Germany for instance.

[@RodrigoSahagun]

No pudes comparar a México con Bolivia o Guatemala pues México tiene muchos pobres pero es un país rico pero la riqueza está mal distribuida.

[@user-kj8cy8jl1m]

spain isnt poor...

[@pedrofmc0000]

A lot of people is poor or almost, having in count European parameters but the country is some different thing. Our GDP is growing quite good and our GDP per capita look good too. But, when you see how much is the average of normal salaries or pensions we realize the truth. We need to improve a lot still. Only the solidarity within the families and that 25% of submerged economy or "Black economy" help us so that the situation does not collapse.

[@georgekafantaris7807]

COLLAPSE IS ON ITS WAY,,,,

[@georgekafantaris7807]

YOU DONT LOOK POOR,,,NICE CARS ,,,,HEEPS OF LOANS

[@Yvell]

That town is not as pretty as the others. Is that a factories town?

[@Arturo_S3]

huh... how is it we have one of the fastest growing GDP of the entire Europe? construction and tourism aren't our only sources of income... we have a good foothold on industry (car manufacturing for instance) and agriculture as well as fishing. Not to talk about our renuable energy sector and our engineering skills, most of the satellites all over the globe have spanish engineering. Look it up if you don't believe me. UK is in a much more delicate situation right now with the whole brexit deal.

[@welshtoro3256]

Stop believing the rubbish. Spain has 20% unemployment. Repeat, 20% unemployment. Can you grasp how bad that is? I love Spain, I'm married to a Spaniard and spend a great deal of time in your wonderful country. You need to be far more critical of your current situation. Stop mixing the love of your country with the political failure.

[@Arturo_S3]

hi, I live in Pozuelo de Alarcón, on the outskirts of Madrid, study journalism and have a job to pay for my personal expenses. It only took me 3 days to find a job. Deja de hablar de cosas de las que no sabes guiri.

[@welshtoro3256]

Your logic seems to be that because you found a job in three days there must be plenty of jobs. If that is the case why does Spain have a 20% unemployment rate. I agree with you that Spain has other industries, particularly agriculture. Congratulations for getting a job. I've not been rude to you, kindly show me the same respect.

[@bofbob1]

+arturoicetre For someone who is studying jounalism you sure make a weak argument on the economics of Spain. Dismissing someone's opinion because he is a foreigner is not an argument. Or if it is, I could just say the same thing about you all high and mighty up there in Madrid completely disconnected from the realities of the region I'm living in. I won't of course, because I realise this is not an argument and it is not where you live that defines whether your argument is valid or not. Of course Spain does have many different growth sectors and yes, an above average GDP growth rate in the EU. It still stands that this growth is not benefiting everyone, far from it. The unemployment rate is one of the highest in Europe and the regional discrepancies are out of this world. Part of this is due to the crisis, part of it is structural and historical, and part of it is just cultural. It would be a bit rude to ask you share this information, but I'd be curious to know what your "personal expenses" actually are. If you're a student, I'm assuming you have a part-time job and what you actually need to pay for is pretty limited. Either still living with your parents or sharing a flat or having a small student accomodation. If this is the case, then I'd encourage you to wait until you get on a bit further in life and see how your necessary personal expenses just skyrocket. And god forbid you one day want to have a family and own your own appartment. Oh yeah, and god forbid you one day want to build your own business! Having a flat tax for social security is one of the most ridiculous and archaic things I've ever seen. It keeps the poor poor and helps the rich get richer. At least they now have this ramp-up system for young people and for first time entrepreneurs, but the principle is still insane.

[@pedrofmc0000]

I don't know where the people get the economic information about Spain from. Unemployment isn't the 20% but the 17'8%. Every point is very important, it means hundred of thousand people. But also, a lot of people don't realize that Spanish economy has a percent of black economy or economy submerged very high, about the *25% of its GDP* Logically if you think of it, the real unemployment would be about a 25% less than official data

[@welshtoro3256]

Excellent review Stuart. I just want to say that I love Spain despite some of my harsh criticisms. "Tourism and construction." Please don't forget agriculture. Millions of Spaniards are completely dependent on that sector especially in Andalucia. It's a cash in hand economy and the government has admitted it has no accurate tax record for the region of Jaen it's so bad. Construction may have kick started in Madrid but it's still some way behind in the rest of Spain. Many years ago, before the crisis, I asked my Spanish father in law why so many buildings were going up around Valladolid. Was there a housing shortage as in the U.K? The answer was no but it was always a safe bet to put your money into bricks and mortar. It made no sense then and it still doesn't. How can there be demand when there's a surplus of supply? The tragedy is that so many homes have been repossessed during the crisis and there are thousands upon thousands of empty properties. Construction and corruption go hand in glove in Spain so it's only a matter of time before more properties are built. Is the crisis over? No way. It's effects are felt differently in the many regions. The Basque Country is doing quite well and so are certain other regions. Go to the south of the country (and pockets of the north and centre), particularly Andalucia, and it is still very bad. I know many pensioners that are subsidising their children and grandchildren with their pensions. Job opportunities are so slim and the wages so poor that you either live in that condition or get out and I have many Spanish friends in the U.K that don't see any viable financial future for themselves in Spain. The government think it's a triumph to announce 20% unemployment. Youth unemployment in parts of Andalucia is as high as 70% and that is a tragedy.

[@spainspeaks]

Hi and thanks for you input. I agree that the crisis is not yet over. Until, at least, unemployment rates are at low levels.

[@grahamjohnson4702]

Welsh Toro, most of the people in Spain do not have either a high enough wage or a guarantee of work to be able to get a mortgage, hence the empty new houses situation and the big demand for rental properties. If that fails they live with Mummy and Daddy .

[@David-ej1ps]

In a nutshell Spain is. Second world country with first world infrastructure... Got it 👌🏾

[@Enterao]

talking about spanish economy based on tourism is stupid when you realize that the north of Spain is much richer than the south

[@DThGrantland]

We are still paying for Zapatero's mistakes and also footing the bill for his awful economic measures, based on expansionary public expenditures and lack of financial control over banking sector, mostly politicized, which took more political action than the one expected from institutions that should have been bound to rational management of resources.

[@TheEnriqueBenito]

I think that Zapatero has been the worst president we have ever had in Spain.

[@pedrofmc0000]

Rajoy isn't better

[@alvarogines6788]

Enrique Benito both are disgusting

[@pedrofmc0000]

At least one of them isn't a corrupt man, maybe clumsy but honest.

[@welshtoro3256]

Hi Fernando, Is it honest to make unrealistic political announcements that you can never honour? Best Wishes. WT

[@alvarogines6788]

Fernando si pero aún así bobos

[@newsflash1014]

I'd like to ask the Hispanic federal police officers how much does it cost for a person to live in a Hispanic country for someone to go bankrupt? Because money doesn't disappear out of the air.

[@elmendaki]

zapatero, cuando no sabia que decir, se ponia a tocar la guitarra, las casas sin terminar, tiene un motivo claro, los bancos retiraron toda la financiacion en el 2008, la construccion era el primer motor de la economia, tenia ocupada al 60% de la poblacion trabajadora, pero al final el unico ganador , los bancos, el pueblo español, a tenido que recatar 40 mil millones que nunca devolveran los bancos, ahora en 2018 rivas esta lleno de plumas de construccion, los pisos de stock ya estan todos vendidos, y faltan 200000 pisos anuales. refran, "a rio revuelto, ganancia de pescadores" !!!TACHAN!!! LOS BANCOS, sigue y suma.

[@debbiegarza1287]

Is it not possible “to vote the rascals out”?

[@KrlKngMrtssn]

I just can't take a guy seriously who pretends Spain's economy relies only on tourism and construction. that bloke cant be trusted.

[@jibeneyto91]

Well, he's got a point really. It's an exaggeration of course, but there's some truth to it.

[@KrlKngMrtssn]

the tourism industry in Spain is around 11% of GDP. Just the car exports and industry accounts for around 13%. People really have to stop to be stereotypical and only see what they have in front of their eyes but being blind when it comes to things beyond.

[@GlobalPenguin2012]

Spain Politicians sounds like Trump.