Editor’s note: This article was first published in May 2011. It is a news post about Spain’s post-bubble property market, and its comments on banks and falling prices reflect that moment.
A new documentary from Equipo de Investigación (Antena 3) about the “bricks and mortar” business in Spain, the people it hurt and, of course, the people who profited. The losers include construction company owners, construction workers and people who bought a home and today have no home and no money, but do have a debt for life.
The big question: “Where is the money if everyone is broke?”
The only thing that becomes clear as the documentary goes on is that, once again, the banks will be the least affected, having become the biggest real estate company in the country. They are not only making a killing, they are also crushing the estate agencies, and private sellers have no choice but to cut the price of their property if they want to sell it.
And let’s not forget the so-called vulture funds, a form of profitable investment in property.
Further reading
Featured image: Ismaelinsky, CC0 1.0, via Wikimedia Commons.
