# Spain Slipping Into Recession



## crookesey (May 22, 2008)

It was on BBC news last night, fuelled by Spain having the largest number of unsold and unfinished property in any of the major EU countries. Apparantly more new properties were built/started in Spain last year than in France, Germany and the UK combined. They have now slipped into negative growth (-0.1%), so two consequtive months of that makes recession official. 

The report was not confined to the Costas but actually centred on Madrid where the villain of the piece is block after block of unsold and unfinished apartments, it appears that what has been going on in respect of the coastal resorts has also spread inland. I can't get my head around anywhere having more blocks of unwanted apartments than here in the UK, albeit that we are supposed to have an acute housing shortage unlike Spain that has an acute housing surplus (circa one million). 

How does this effect the average lifestyle of you expats? I can understand how higher fuel and food prices will leave you with less in your wallets and purses, and the exchange rate will hurt if your incomes come from the UK. But if none of you are connected to the building industry or are involved in property finance I don't see a recession fully impacting on you unless taxes are increased to fund the ever increasing dole queues.

Your properties will have decreased in value and will be difficult to sell but if this is not your intention, so what? On the other hand folk looking to buy, particulally for cash could land themselves a bargain.

The other question that I would love an answer to is, how do you get rid if one million surplus to requirements properties? I suppose that circa 50,000 UK nationals moving to Spain each year will help a little but one million is a hell of a lot.


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## rjnpenang (Feb 20, 2008)

Well, It certainly affects me, we are retired but live on a business rental, July and August are the Spanish months, there are certainly here in droves but eating at home or else, 8 cervezas y un plato de patato fritas, por favor!. And then Sept/Oct for the British with the pound at 1-20!. 
I believe/know that money must circulate!, If we don´t recieve all our rent then we cut back, less eating out, a cheaper wine!!!. And we are also in the fortunate position of being able to spend the winter in the Far East, so again, we will spend less there or perhaps a shorter trip., Money HAS to circulate.
However, sometimes I think all the bad publicity on the news/in the newspapers is counter productice, If you´re being told you´re having a bad time then eventually you will start to believe it.
Your second question, what to do with all the unsold properties?. no easy answer, stop building for 2/3 years until they are all sold or demolished?.
I know a lot of people in Spain think the big (and small) building companies got what they deserved, they built everywhere!!!, some of the property down here on the Costa has to be seen to be believed, I say to my wife what fool would design a rabbit hutch and build it there?; overlooking the toll booth on the motorway!.
But the problem is, its easy for a company to go bankrupt, you can be sure the directors have their money but what about the workers?, and that leads to another question, what to do with the hundreds of thousands of foreign workers sending money home to Morroco, Senegal, Argentina?, bad news!.
A report in todays Telegraph states Spain has lost their competiveness on the worlds stage and would need to devalue their currency by 30%!, what are the odds on them reverting to the Peseta?, could they do it for a few (10?) and then revert back to the Euro?, and its not just Spain, Italy and Greece also need to devalue.
Regards Robert


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## chris(madrid) (Mar 23, 2008)

This is NOT news - The unsold properties thing in Madrid was visible last year - Speculation AND to some extent tax dodges. It has nothing at all to do with the coast. Take into account that of 45million in Spain, 6,250,000 live in a tiny province - that of Madrid. As for the city, it is the third-most populous municipality in the European Union after Greater London and Berlin, and the fourth-most populous urban area in the European Union after Paris, London, and the Ruhr Area. There was demand. And land was available. There are additional reasons why certain areas were "developed" they had political ramifications. 

The key point though is UNFINISHED - so they wont get finished until there is demand OR until the prices go up. But by being partially complete - the building permits are active and difficult to revoke. Clever huh! - They did TRY to get unfinished properties TAXED HEAVILY - also second homes etc (common amongst Spaniards) but got nowhere. 

Most of the folk building BLOCKS can afford to wait. My feel is that some will get finished and rented. Has to be said that where many of the flats are - I would not live!

The housing issue hits you when you have a mortgage and cant pay it BUT the property value is so low that you'll LOSE money. Or simply you cant sell to downsize or move. 

The reality is that despite all this - House prices are NOT tumbling. In heavy ex-pat areas many properties are NOT mortgaged - so there's less stress to sell for money reasons. Where I live the market is stagnant but prices remain buoyant. 

It has hit however earnings in all sorts of areas. The public sector now has less finance for public use as there are less taxes being collected from new permits. I see cutbacks from Social Securities to street cleaners. 

Interest rates are rising - so folk spend more on mortgages and so have less for other things. This affect those who sell/trade in other things. 

Unemployment rises - so tax will too to compensate and support the unemployed. Wont surprise me AT ALL if VAT rises.

50,000 a year wont help much unless they are productive & pay lots of taxes. All it does is help solve a housing surfeit which frankly doesn't worry me one bit.


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## jojo (Sep 20, 2007)

It seems to me that we're all in a recession, so what the heck, either sit it out in the rain or in the sunshine! I believe, good or bad, you need a recession every few years or so to clear out the rubbish and bring things back to an even playing field. As for property losing value - well thats good for the first time buyers isnt it?. The type of property that seems to be in surplus, from what I can see, arent really the type that expats go for, they seem to be more for young spanish first time buyers, workingfamilies etc (terraces, semis, as opposed to pretty holiday type villas)). So I'm not sure the surplus is going to affect the expat market as such - the pound/euro might tho! Certainly now isnt a good time to sell a house in either Spain or the UK

I suspect that when things look so bleak and property prices here hit rock bottom, some major investors will come along and buy em all up, which will start the prices rising again - who knows

And I agree with Robert, the media is the driving force, it talks everyone into thinking theres a problem - until there is one - a classic example of that is the Northern Rock business... and the credit crunch....and the world food shortage.....and the fuel crisis....and global warming...

Just my rather simplistic, blonde thoughts lol!

Jo


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## chris(madrid) (Mar 23, 2008)

jojo said:


> And I agree with Robert, the media is the driving force, it talks everyone into thinking theres a problem - until there is one - a classic example of that is the Northern Rock business... and the credit crunch....and the world food shortage.....and the fuel crisis....and global warming...


But not JUST them though sensationalistic journalism is a "pet hate" - when Housing stopped being "profitable" money was shoved into speculating on OTHER stuff which wasn't exploited.


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## jojo (Sep 20, 2007)

chris(madrid) said:


> But not JUST them though sensationalistic journalism is a "pet hate" - when Housing stopped being "profitable" money was shoved into speculating on OTHER stuff which wasn't exploited.


My OH says that sensationalistic journalism and the "futures" investment market are the two things that have put all of us into this downward spiral!???!

Jo


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## rjnpenang (Feb 20, 2008)

For many years down here the easiest way to make money was to buy off-plan and wait for the price to go up/sell before the morgage kicks in, I remember about 5 years age my fontanero telling me (proudly!) that he had 6 apartments all being bought on a mortgage and rented out, he was also rather proud that his wife did´nt know!. Happy Days!. Rob


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## rjnpenang (Feb 20, 2008)

And a quick question for Michelle Alison in Mar del Plata, how is the Spanish recession going to affect the economy in that town/Argentina?, (my ex waitress was from Mar de Plata). Rob


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## crookesey (May 22, 2008)

For some of us older posters it's just more of the same, boom and bust, 17% interest rates, the aftermath of Maxwell going for his swim, dot com shares, Court Line etc; etc; etc. Who would have thought that UK banks would have bought the debts of folk in the USA who wouldn't be out of place in the film Deliverance? You couldn't make it up.

Jojo, it's a bit like your love for the Spanish climate, the longer you stay in Spain the more you will get used to it, your blood will thin and you will start to feel a bit cooler in the winter. I have seen it all, I don't like it but I have got used to it, I would very much like to distance myself from events that I have no control over, pulling a sweat shirt on in December seems preferable to crap UK weather, huge fuel bills and financial crisis after financial crisis. I couldn't care less if the average Spanish mayor and lawyer are as bent as a bottle of crisps as I can't do anything about that either.

As for the 'global warming' issue, it hasn't shown any signs of introducing itself in the UK so stuff it, I will go to it if it won't come to me.


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## MichelleAlison (Aug 25, 2007)

rjnpenang said:


> And a quick question for Michelle Alison in Mar del Plata, how is the Spanish recession going to affect the economy in that town/Argentina?, (my ex waitress was from Mar de Plata). Rob


As you know, there are many many Argentines living both legally and illegally in Spain and of course I am sure a recession will have a terrible effect on them, especially if they are unable to find work. As has been stated in earlier posts, many do send money home and this would have a devasting effect on Argentine families who rely on the income, especially as inflation is on the up here and it is very noticable in supermarkets and restaurants. According to the government, the inflation is very low, but it's the same old story - never the truth. Fortunately all the utilites are capped by the government and so at least these are very cheap.

It doesn't matter who you talk to, everybody says the same - the whole world is going into a recession - everything is going up and only the rich are getting richer - nothing really changes in this area.

The thing about the Argentines, are that they are very resourceful and will find a way to survive even if it is only looking after cars parked in the street, or collecting cardboard and newspaper to sell. When there's no social security, people get of the backsides and find work, any work..........

Regards

Michelle


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## SunnySpain (Jul 30, 2008)

Hi there,

In my view, the fact that they have been building more properties than demand required in Spain is the fault of the construction companies and dodgy dealings.

Friends tell me that if you want to sell a property on the Costa del Sol right now then you best be prepared to drop the price 30-40%, because very few properties are selling in the area.

I pesonally believe that anyone thinking of buying a property in Spain (in the near future) should NOT do it !

Property prices are sure to drop and in certain areas people can expect prices to drop 10-40%, depending which part of Spain.

The clever people are those that will wait and then BUY when the prices are atthe bottom level and I personally think the time to buy will be in 2010/11

I find the website kyero very useful when it comes to property price trends

Regards, Dave


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## jojo (Sep 20, 2007)

SunnySpain said:


> Hi there,
> 
> In my view, the fact that they have been building more properties than demand required in Spain is the fault of the construction companies and dodgy dealings.
> 
> ...



Thats all well and good, but you have to take into account the falling house prices in the UK and of course, the pound/euro!

Jo x


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## SunnySpain (Jul 30, 2008)

Hi there,

I think if an expat bought a property say 5-10 (or more) years ago, then you are still very much quids in with regards to the Euro/pound exchange rate

But if you were to buy a property in Spain right now, then its highly unlikely that the value will increase in the next short term (more likely to decrease), but in the long term the value of your property will of course increase.

Saying that, certain experts in this field are suggesting that property prices will never be the same again after the current recession comes to an end.

I tend to agree to a point, as I suspect property prices (particularly in Spain) will decline (escpecially on the Costas & with regards to the second hand property market) more so than in the UK.

After all, it was the chief of the Bank of Spain himself, who said that "their needs to be a significant correction in property prices in the region of 30%"

Thus suggesting prices will fall 30% in many (not all) parts of Spain.

There are several BBC reports (including video footage) of expats who bought property (in the last few years, on the Costas) and are now on the verge of losing eveything as they cannot sell their properties even after making huge reductions to the asking price of the their property.

And these reports are quite recent (last 3-4 months) and therefore do not take into account the further decline in house prices that is about to happen.

Experts also suggest that the Costa Del Sol & Alicante region are most likely to see a dramatic decline in the value of properties in the near future, whereas Barcelona and Madrid may see a fall of about 10% in second hand property prices.

I would add, that I actually think the BBC {online} & Kyero are doing a reasonable job in keeping us folk informed on the subject and I would advise anyone even considering buying a propert in Spain to do some research.

Regards, Dave


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## SunnySpain (Jul 30, 2008)

The following should make interesting reading for expats or future expats thinking of buying property on the Costa Blanca in the near future

Taken from the BBC website - Dated 23rd June, 2008.

The Spanish housing market has seen ructions far worse than so far experienced in the UK with some property prices falling by more than 20% in the last year, even though the average is closer to 4%.

Lending squeeze

For those looking to offload their homes in this region, the strong euro means that owners are having to cut asking prices by at least 15% to attract British buyers, says Mick Roscoe, of The Property Shop in Quesada, about five miles from Torrevieja.

"Lots of estate agents have gone out of business. Sales volumes are about the same as last year, but it tends to be cheaper properties that sell and we're having to work harder to get customers.

On a typical Costa Blanca housing development - or urbanization - every street has houses up for sale - from one bedroom apartments to large villas with their own swimming pools.

Some have been on the market for more than a year, despite desperate owners slashing the asking price.

Rosalind Albon's apartment in the village of Rojales has been up for sale for 12 months.

"It went on the market for 270,000 euros but now, even after I cut the asking price to 200,000 euros, there is little interest," the 62-year-old former restaurant owner says.

To me, this report illustrates thats its actually more difficult to sell a property of higher value than properties normally associated with first time buyers. In fact many expats are now turning to the property on the first time buyer market as they cannot afford anything else.

Thus, expats with more expensive Villas ar finding it virtually impossible to sell their properties without making significant reductions to their asking price and even then many are not selling and some expats who have hit hard times need to sell or the bank will reposess and they will lose everything

Although this report is about a specific part of the Costa Blanca, there are numerous similar articles and video footage that illustrate that the same thing is happening on the Costa del Sol - take a look, you might find it useful

Regards, Dave


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## SunnySpain (Jul 30, 2008)

I have just found another recent report, this time on the Costa de Sol and it makes interesting reading in my opinion, as this is far from scare moungering, its based on actual fact and the experiences of expats.

As the Spanish economy has slowed down Maxine has found it impossible to find work to cover her mortgage.

She would like to sell up and go back to Britain. 
Maxine cannot sell her home even at 20% less than she paid.

"There just aren't the people out there who are buying at the moment," she says. "Some are but they want a real bargain. Which means that I'm losing an awful lot of money."

"If I can't sell the place I have looked at renting the property out. But again that's not really going to cover the mortgage. The other option is just to have to walk away and just to let the bank have it, which means we lose absolutely everything."

Widespread problem

Maxine is not alone in her predicament. She says that her son has had to say goodbye to seven of his British classmates because their families have found it too tough to stay in Spain.

The construction boom may be coming to an end
The construction boom may be coming to an abrupt end

And Maxine's mother, Sarah Smart, is facing losing the home she thought would provide for her retirement.

"We bought our house four years ago when everything was booming and there was plenty of work," says Sarah. "We bought it as a pension really and things have dried up and we are waiting for it to be repossessed.

"Its been on the market for two years. It started out at 495,000 euros and its now down to 360,000 and still we can't sell it."

The pain in Spain

Estate agents report that house prices have fallen 30% in many areas; economic growth forecasts have been revised downwards.

Unemployment is rising and predicted to reach at least 10% by the end of the year. So can Spain's woes simply be blamed on the global credit crunch?

The Spanish Finance Minister Pedro Solbes says not.

"Probably the international financial turmoil accelerated the problem but the problems were already there," he says.

Overheating

Mr Solbes says the underlying cause of the slowdown is that the economy became too dependent on a construction sector that got overheated.

Over-building on the south coast is rampan
As a result thousands of homes have been built, or are still under construction, for which there are not enough buyers.

"We were insisting that the construction of 800,000 a year had no sense that we had to we had to come back to a more normal production of houses, around 500,000 houses and this is what is happening today."

But Spain's leading housing analysts idealista.com say that in the long run the answer must be diversification so the economy doesn't have to rely on house building to provide growth.

"In Spain the dream is over," says the company's co-founder Fernando Encinar.

"Spain is like Ireland and the UK. We have to face a new situation: what is the source of the economy without the real estate market?"

Regards, Dave


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## chris(madrid) (Mar 23, 2008)

SunnySpain said:


> with some property prices falling by more than 20% in the last year, even though the average is closer to 4%.
> 
> Sales volumes are about the same as last year, but it tends to be cheaper properties that sell and we're having to work harder to get customers.


I think these are TWO major statements.

What politicians say - frankly is not reliable!

The problem imo is that many ex-pat style villas ONLY really appeal to Ex-pats. And the Spanish are not therefore interested and many cant afford them anyway.

My brother in law ( a dyed in the wool Spaniard) grumbles a bit that where they've bought their holiday flat - there are too many "retired foreigners" now. When they bought "off plan" it was VERY Spanish - but the prices were lower and the foreigners have moved to the area. 

But where sales are to Spaniards (lets face it this is the MAJORITY of sales in Spain) prices are hardly hit. The cheaper end keeps turning over and the top end is still exclusive.

The simple fact is that many ex-pats (like many Spaniards) overstretched themselves. Some now have problems supporting excessive mortgages. But either cant sell and maintain equity or cant sell to move. Many therefore WILL sit and wait. 

Others will take the money and run - but if I found an area where MANY folk were prepared to cut & run - I'd ask why. If they're working folk - maybe there is no work!. I was offered some years back a whole village (10 houses) for VERY little. Sounded good but when you looked - Who'd want it? - No work and no real tourism prospect - basically nothing near - poor roads etc. 

Yes, I'm a cautious pessimist. But I've lived most of my life travelling. I've lived 2/3rds of my life outside the UK despite being a Brit. And have shall we say a degree of innate self protection - born of experience. Of course the recession hits me - but less so maybe than others because I simply expected the boom to end.


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## crookesey (May 22, 2008)

jojo said:


> Thats all well and good, but you have to take into account the falling house prices in the UK and of course, the pound/euro!
> 
> Jo x


I can only speak for where I live, where there is hardly a 'For Sale' board to be seen. Folk are staying put, some are improving their properties but very few are selling. If they are buying the discount that they get from their seller will more than make up for the discount they give to their buyer.

The exchange rate has started to hit sellers in Spain, particulally those who want to return to the UK and pick up a bargain in the process. Bargains have a habit of being double edged and now that folk from the UK have less to spend the penny will have to drop with UK sellers in Spain. Anyone who wants to come out of this financial correction unscathed would be well advised not to rush into buying or selling either in the UK or in Spain unless the sums add up.

Recession is caused by inflation not deflation, so even if house prices fall it would not cause a recession. However unfinished and new unsold property will definately be a factor as will interest rates. Euro land can do little to influence exchange rates but our weak pound has brought very little new foreign investment into the UK.

The world is feeling sorry for itself, the easy times have been replaced by troubled times, I seem to recall similar in the past and have no doubt that I will see similar in the future.


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## SunnySpain (Jul 30, 2008)

"Recession is caused by inflation not deflation, so even if house prices fall it would not cause a recession"

Thats fair enough, but as inflation is increasing in Spain, more so than the rest of the Euro zone, recession would seems to be inevitable.

Unemployment figures are up significantly and the Spanish economy is one of several countries in the Euro zone to recently registered negative growth.

Thus, it could well be argued that the Spanish housing market, which has virtually propped up the Spanish economy single handidly for many years is a major factor in the decline of the Spanish economy into recession.

In fact, its almost certainly the most important factor !

Regards, Dave

property sales are significantly down


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## SunnySpain (Jul 30, 2008)

I agree with most of what you are about to read, especially the last bit in bold, but its just my opinion of course - lol 

Spain is now spiralling into the worst crisis since the Franco dictatorship. "The economy is in dire straits," said Dominic Bryant, Spain expert at BNP Paribas.

"Some of the housebuilders are going to go bust, it is as simple as that. Over 10pc of Spain's economy has been building houses. This compares with 6pc-7pc in the US at the height of the bubble. The adjustment will be enormous," he said.


Finance minister Pedro Solbes said the Martinsa-Fadesa crisis was turning "more complicated" but denied that there is any risk of a chain reaction across the sector. Banco Popular is understood to be the most exposed bank.

Deutsche Bank said the property crisis is more serious that the collapse in the early 1990s. It expects a 35pc fall in real house prices by 2011 as the market slowly clears the vast overhang of property, now estimated at nearly 700,000 homes.

In Castilla-La Mancha - Don Quixote's region - some 69pc of all houses built over the past three years are still unsold.


The precipitous slide now under way in Europe has yet to cause investors to lose their ardour for the euro, but a number of analysts, including Bill Gross, head of the giant bond fund Pimco, say there is no justification for the euro's 25pc to 30pc over-valuation against the US dollar. "We're turning incredibly bearish on the euro," said BNP Paribas.

Goldman Sachs said Europe is the "tie-breaker" for the whole global economy.

Folks its my belief that a cooling of the E.U. economy is welcomed. Follow me if you will. A weak U.S. dollar is pegged to a strong euro currency. 

*Those people who invested in the euro are about to get a shock when the euro enters its inevitable contraction to a level in par with the U.S. dollar. *

Regards, Dave


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## rjnpenang (Feb 20, 2008)

I agree with everything you say, but, if we did´nt read a newspaper or watch the news would we be so depressed?. I´ve always thought that bad news sells newspapers. (Whats the ultimate headline in the UK?, "Member of the Royal family & the Bishop") Regards Rob


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## jojo (Sep 20, 2007)

Is it my imagination or has the British Media got it in for Spain at the mo?? There have been all these reports (as the thread title suggests and in the posts above)recently and tonight on the "Newsnight" programme, it was all about "The drought in Spain". Now I'm sure this is factual to a point, but what bothered me was that a lot of it was filmed several months ago (you could tell by the shrubbery and the clothes being warn that it was NOT summer). They were claiming that Spain hadnt had any rain this year (b*ll*x!), that there was some internal issues going on with Aragon not sharing water and that the traditional ex pat golfing communities were using the valuable water to the detriment of local farmwers who were going out of business.

Now I'm very suspicious of the way the UK government and media work, so I'm wondering if theres a plot afoot to discourage would-be expats from coming to Spain and also using "tittle-tattle" methods to cause even more problems here. Or am I just being oversensitive, cos its 2.30am and I cant sleep?

Jo


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## SunnySpain (Jul 30, 2008)

Hi there,

I did not see the "Newsnight" programme about "The drought in Spain". However, there has been and continues to be a water shortage in Andalucia.

Espana Directo were talking about it only last week, saying that water is being used for Golf courses & swimming pools, despite water being practically on rations in certain parts of Andalucia.

Its apparently (currently) against the law to take a bath in Marbella, unless its for health reasons E.g. pregnancy. 

About 3 months ago, water was being shipped in from abroad in efforts to try and aid the severe water shortage in Barcelona. But then it rained almost constantly for 2/3 weeks, so the panic is over for now.

The water problem is unlikely to go away in the South without shipping in water from abroad; as they did in Barcelona, albeit taking only 1 delivery out of the 200 they had previously ordered.

Regards, Dave


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## crookesey (May 22, 2008)

jojo said:


> Is it my imagination or has the British Media got it in for Spain at the mo?? There have been all these reports (as the thread title suggests and in the posts above)recently and tonight on the "Newsnight" programme, it was all about "The drought in Spain". Now I'm sure this is factual to a point, but what bothered me was that a lot of it was filmed several months ago (you could tell by the shrubbery and the clothes being warn that it was NOT summer). They were claiming that Spain hadnt had any rain this year (b*ll*x!), that there was some internal issues going on with Aragon not sharing water and that the traditional ex pat golfing communities were using the valuable water to the detriment of local farmwers who were going out of business.
> 
> Now I'm very suspicious of the way the UK government and media work, so I'm wondering if theres a plot afoot to discourage would-be expats from coming to Spain and also using "tittle-tattle" methods to cause even more problems here. Or am I just being oversensitive, cos its 2.30am and I cant sleep?
> 
> Jo


Jojo, your thoughts on the British media brought to mind an interview with Sir Alex Ferguson relating to when, during his first two years tenure as the Man U manager when he had little or no success, he had the press constantly going for his jugular.

He got so fed up with it that he decided to have a talk with Sir Matt Busby and seek the great mans advice. He knocked on Sir Matt's door and walked in to his office. "What can I do for you son"? asked Sir Matt. "It's the bloody papers again Matt, they never stop having a go at me, it's really getting to me", said Sir Alex. "Well stop bloody reading them," said Sir Matt. "Why the bloody hell didn't I think of that"? said Sir Alex.

The British press have spent the last few months upsetting us indigenous Brits and realised that there were a few hundred thousand living in Spain that they hadn't upset, so decided to have a go at you lot. I've heard that UK expats in France are next, followed by Portugal etc; etc.


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## jojo (Sep 20, 2007)

The British press report something, sensationalise it to the point of stupidity and make it 10 times worse.

Off topic completely, when the price of fuel and oil was rising it was the main headline, top of the news, current affairs... etc. From what I've seen and heard, the british media has barely given it a mention that oil prices are now falling. Surely thats good news and should be the main headline - I'm sure that sort of good news would help the "feel good" factor?

Jo


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## MichelleAlison (Aug 25, 2007)

jojo said:


> The British press report something, sensationalise it to the point of stupidity and make it 10 times worse.
> 
> Off topic completely, when the price of fuel and oil was rising it was the main headline, top of the news, current affairs... etc. From what I've seen and heard, the british media has barely given it a mention that oil prices are now falling. Surely thats good news and should be the main headline - I'm sure that sort of good news would help the "feel good" factor?
> 
> Jo



They don't want to mention falling prices, because that is considered "good news, although probably not for the British public, as falling prices never seem to get passed on.


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## markjd (Aug 1, 2008)

i am moving to inland spain in under 3 weeks and personally i wont be affected, i run my on recruitment company in the construction industry but specialising in the oil and gas industry things could not be better. The only thing which has an impact on my business is people not excepting a position when offered but thats life.
We are renting a inland property and only paying £314 per month plus bills, but with no council tax or refuse bill we have a bargain.
We will be able to save which is not possible in the UK, i think the best thing to do at the moment anywhere is rent and not buy and see how the market is in 6 months, we are going to sit on our money gaining interest.
If you want to get better rates for exchanging money try searching a company called money corp.


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