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The Housing Bubble in Asturias

 
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Mouguias



Joined: 18 Jun 2003
Posts: 151
Location: Asturies

PostPosted: Fri Apr 27, 2007 5:43 am    Post subject: The Housing Bubble in Asturias Reply with quote

I have heard that the US, and especially that little Asturias of yours called Florida, are going through a terrible housing crash. Once again history links our countries, friends, because the humongous housing bubble that low interest rates have been inflating in Asturias, these latter years, seems to be about to burst.
I am very sorry I don`t have any link especifically referred to Asturias, but the following will help, I guess, although they focus on the whole of the kingdom of Spain:

http://www.crisisenergetica.org/article.php?story=20070417164201892
http://quegayosomos.blogspot.com/2007/04/el-desastre-est-cerca.html
http://www.burbuja.info/inmobiliaria/forumdisplay.php?f=2

On the US impending crisis:
http://www.counterpunch.org/whitney04162007.html
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Art
Site Admin


Joined: 17 Feb 2003
Posts: 4461
Location: Maryland

PostPosted: Fri Apr 27, 2007 1:54 pm    Post subject: Reply with quote

It's interesting that this may be more than a national "problem", Mouguias.

I read a piece in Newsweek that suggested that recessions aren't all bad. One thing recessions do is curb speculation. (Isn't that a large part of what happened in Asturias?)

Recessions also force us to reconsider our tendency to think that things will continue moving in the same direction.

Maybe when this recession arrives, the young in Asturias will be able to buy houses.

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Es interesante que puede ser más que un "problema" nacional, Mouguias.

Leí un artículo en Newsweek que sugirió que las recesiones no sean completamente malas. Una cosa que hacen las recesiones es poner freno a la especulación. (¿Es una parte grande de lo que sucedió en la Asturias, ¿no?)

Las recesiones también nos fuerzan reconsiderar nuestra tendencia a pensar que todo continuará moviéndose en la misma dirección.

Quizás cuando llegue esta recesión, los asturianos jovenes podrán comprar casas.
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Terechu
Moderator


Joined: 24 Jun 2003
Posts: 1551
Location: GIJON - ASTURIAS

PostPosted: Sat Apr 28, 2007 4:05 am    Post subject: Reply with quote

The big, big problem is money laundering from drug, art and arms trafficking. Since the Euro was implemented in Spain, Spanish real estate is being snapped up by new construction companies that didn't exist before the Euro and whose owners have links to drug cartels, arms dealers, banks and picturesque lobbies of all persuasions.
By the way, what was former president Aznar doing visiting Putin about Gazprom and their involvement in Spain's energy sector? This may sound off topic, but it isn't.

The price per square meter in Gijón is higher than in Berlin. The most expensive real estate in Asturias is not bought up by Asturians, but by Madrid (or Marbella Very Happy ) based constructions companies, many of which are owned by banks and anonymous investment groups. Who can forget the infamous KIO (Kuwait Investment Org.) one of the first foreign gangs that bought up stock of old established companies with lots of valuable real estate (our own Duro Felguera among them), with the firm intention of shutting them down and selling off their huge real estate. They nearly succeded.

Let's not be fooled, the one thing people will kill and die for is real estate. Prices will never go down. You can invest in art and in commodities, which have many fluctuations, but real estate value is for ever! And Spain remains a safe investment, due to a good climate and a stable democracy. A second home in Germany's wonderful Black Forest costs less than half of what it costs in Asturias, but people from cold climates flock south whenever they can. And since the Mediterranean cost is virtually covered with bricks and concrete, what's left?

The next time you see someone getting high, remind them that they're the ones driving up housing prices.
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El verdadero gran problema es el blanqueo de dinero procedente del tráfico de drogas, arte y armas. Desde que se implementó el euro en España proliferan constructoras nuevas que antes no existían y que, junto con las de toda la vida, compran todo el suelo que hay. Los dueños de estas constructoras, como se está viendo, están relacionados con los carteles de droga, tráfico de armas, bancos y lobbies pintorescos de todo tipo.
Por cierto, ¿qué hacía Aznar el otro día visitando a Putin en relación con Gazprom y su interés por el mercado energético español? Aunque no parece que tenga nada que ver, sí lo tiene.

El precio por metro cuadrado en Gijón está más caro que en Berlin. Los terrenos más caros no los compran los asturianos sino las constructoras con base en Madrid (o Marbella Very Happy ), muchas propiedad de bancos y grupos de inversores anónimos. ¿Quién no recuerda a la infame KIO? una de las primeras bandas extranjeras que compraron acciones de antiguas empresas muy establecidas con grandes patrimonios y terrenos valiosos (DF entre ellas) con la única intención de cerrarlas y especular con los terrenos. Casi lo consiguen.

No os llaméis a engaño, lo único por lo que la gente siempre morirá y matará es por la tierra. Los precios no van a bajar nunca. Se puede invertir en arte y otros valores que tienen muchas fluctuaciones, pero el valor de un solar es para siempre. Además España es una inversión segura por su buen clima y estabilidad democrática. Una segunda vivienda en la maravillosa Selva Negra de Alemania cuesta menos de la mitad que en Asturias, pero la gente de climas fríos tienden a ir al sur siempre que pueden. Con la costa mediterránea tabicada, ¿qué queda?

Pues nada, la próxima vez que veáis a alguien esnifando o metiéndose algo, recordadles que son ellos los responsables del precio de la vivienda.
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Art
Site Admin


Joined: 17 Feb 2003
Posts: 4461
Location: Maryland

PostPosted: Sun Apr 29, 2007 11:25 pm    Post subject: Reply with quote

Hi, Terechu. Are these drug and arms traffickers and bankers Spanish?

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Hola, Terechu. ¿Son españoles esas traficantes en drogas y armas y banqueros?
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is
Moderator


Joined: 15 Aug 2006
Posts: 837
Location: Yaoundé

PostPosted: Fri Jul 11, 2008 5:47 am    Post subject: Reply with quote

This is an excerpt from yesterday's (July 10, 2008) Financial Times on Spain's banking industry and the plotzing of the construction industry. Construction companies working in Asturias (whether home-grown or from other parts of Spain) are asking the Principality to give them more building orders to offset the current recession. This FT article says that developers may now be hired to demolish what they built illegally these last years.

http://www.ft.com/cms/s/0/5b6985b2-4e8a-11dd-ba7c-000077b07658.html

I'm sure Jose Manuel Cuervo, in Cangas del Narcea, is distraught. But then, the cynical Asturian Socialists whisked him out to Madrid right in time to dodge the lawsuits. Asturias is sooo like contemporary Russia in so many bad ways...

Here's the FT excerpt:

The main Spanish stock index, the IBEX 35, is down 21 per cent this year, versus 16 per cent for the FTSE 100. Also, OECD projections for economic growth this year and next are better for the UK. And the Spanish construction industry has already cut 300,000 jobs, which puts the 5,000 or so lost in the UK this week into perspective. (The Keynesian joke here is that some Spanish construction workers will find re-employment demolishing the oversupply of homes, as local powers react by discovering the absence of proper building permits.)
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Llames



Joined: 11 Jul 2008
Posts: 120
Location: Xixón (Asturies)

PostPosted: Fri Jul 25, 2008 8:19 am    Post subject: Reply with quote

At least it seems that there are things that are beginning to operate



"Asturies reached its highest ever level of employment despite the crisis"

http://www.lne.es/secciones/noticia.jsp?pRef=2008072500_45_659686__ECONOMIA-Asturias-alcanza-maximo-historico-empleo
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