| It's a lyric in the musical My Fair Lady, and the words | | | | homes, commercial real estate, mortgages, public |
| are "The rain in Spain stays mainly in the plain." From | | | | developments, professional and consumer services. |
| 1997 to 2004, property prices in Spain rose around | | | | One source put the attendance at more than 43,000. |
| 173%. It was a sunny time for property investors, | | | | These are primarily real estate professionals, investors |
| building trades, and the economy as a whole. But, | | | | and construction interests, and there were reportedly a |
| today's picture is very different. It's raining, and the rain | | | | large number of property sales during the event. |
| isn't staying put "in the plain." Real estate is depressed | | | | However, others say that the discounts being offered |
| just about everywhere in the country, and the effects | | | | to generate business weren't as substantial as they |
| ripple through the economy. | | | | should have been to help the struggling real estate |
| Talking recently to Radio Nacional de Espana, | | | | market. |
| Joaquín Almunia, the EU Commissioner for | | | | Reports of falling tourism and a 13% decline in foreign |
| Economic and Monetary Affairs stated that he | | | | residents in Spain aren't helping to improve the short |
| believes the 3.5% growth of the U.S. economy signals | | | | term outlook. The Bank of Spain recently announced |
| the beginning of the end of the crisis there. But, the | | | | that it will require a doubling of the provisions banks |
| recession in Spain is linked closely to the collapse of | | | | make against bad debts resulting from real estate |
| the real estate market, and thus will be a lot slower to | | | | foreclosures. The new requirement will be increased |
| improve. Celestino Corbacho, the Minister for | | | | from 10% to 20%. If a song lyric points out the tough |
| Employment, is not upbeat at all, saying that | | | | situation, maybe another couple of old sayings will help |
| unemployment in Spain is burdened with the "dead | | | | to cheer up those involved in real estate in Spain. "The |
| weight" of the construction industry. | | | | darkest hour is just before the dawn," and "Every |
| Salon Inmobiliario de Madrid, held Oct 22 through Oct | | | | cloud has a silver lining" could apply as well. Spain's real |
| 25, is the biggest European exhibition in the property | | | | estate markets are certainly looking for a break in the |
| sector, and one of the largest in the world. Exhibitor | | | | weather. |
| profiles include new and second hand homes, holiday | | | | |