284:. Since usually the purchase of housing, whether to live in or to invest, is financed with mortgage loans, the price increase implies an increase in debt. Spanish consumer debt tripled in less than ten years. In 1986, debt represented 34% of disposable income, in 1997 it rose to 52%, and in 2005 it came to 105%. In 2006, a quarter of the population was indebted with maturities of more than 15 years. From 1990 to 2004, the average length of mortgages increased from 12 to 25 years. The Bank of Spain reported that household savings in 2006 had been overwhelmed by debt. In fact, the Bank of Spain has warned each year about the high rates of indebtedness of Spanish households, which according to the institution was unsustainable. Private debt stood at 832.289 billion euros at the end of 2006, an increase of 18.53% year-on-year, and reached 1 trillion euros by the end of 2010. The Bank of Spain also warned on the excessive indebtedness of the construction industry.
291:, Javier GĂłmez Navarro, said at an event organized by the Association of Financial Journalists, entities "never recover" 30% of the debt owed to the housing sector. According to the Bank of Spain, this debt amounted to 325,000 million euros; as of December 2009, it totaled 96.824 million in bad loans. The president of the Chambers regretted that the Spanish financial system did not admit the impact of the crisis on their assets; the Bank of Spain affirmed that it was the responsibility of the whole financial sector: "In Spain, it was never wanted to recognize that the financial system was not in good shape, as this would have forced the banking sector to start re-capitalising policies. The goal of the state's policy has so far been to gain time, to start a mild bank recapitalisation, but time is now running out".
260:, between 1976 and 2003, the price of housing in Spain doubled in real terms, which means, in nominal terms, a multiplication of 16. In the period for 1997—2006, the price of housing in Spain had risen about 150% in nominal terms, equivalent to 100% growth in real terms. It is stated that from 2000 to 2009, 5 million new housing units had been added to the existing stock of 20 million. In 2008, the real estate market started to drop fast, and house prices decreased dramatically by 8% in that year. In the period for 2007-2013, Spanish house prices fell by 37%. Each year almost a million homes were built in Spain, more than in Germany, France, and England combined.
155:, to talk about a speculative bubble and its burst. In that same sense, in April 2008 construction companies and promoters themselves recognized that there had been a "large drop in prices and (...) exploded the consumers of the market", implicitly recognizing an overvaluation of real estate assets, forecasting a panoramic shadow both over the sector and the entire Spanish economic structure. In 2009, still nobody had doubted that an enormous speculative real estate bubble had exploded around the world, with particular virulence in Spain, which as a result saw an immersive deep economic recession.
228:, over the June 2007-June 2008 period, Spain was the European country with the sharpest plunge in construction rates. In 2008, new construction came virtually to a halt, but prices were initially relatively stable with sellers reluctant to offer large discounts. The national average price as of late 2008 was 2,095 euros/m2. Actual sales over the July 2007-June 2008 period were down an average 25.3% (with the lion's share of the loss arguably happening in the 2008 tract of this period). Some regions have been more affected than others:
39:
144:
not simply contradictory, but remaining part of the hidden tax real estate market, upon moving in part with black money or in a form of corruption. In that sense, some specialists denounced even a campaign of a lack of transparency and secrecy of the means of communication that, based in economic interests, would have avoided mentioning the true nature of the boom in housing costs.
31:
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74:
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their behalf, the sectors in disagreement with the economic situation, more connected to the consumers, mainly affected by the increase of prices and the difficulties of access to housing, insisted in valuing the same data in the opposite sense, the same that other groups framed as a social critique and the Green
Movement.
59:
caused prices to fall. In 2013, Raj
Badiani, an economist at IHS Global Insight in London, estimated that the value of residential real estate has dropped more than 30 percent since 2007 and that house prices would fall at least 50 percent from the peak by 2015. Alcidi and Gros note; “If construction
139:
The future evolution of a market influences the real behavior of an individual. If many potential buyers estimate that a future fall in prices is nearing, they can opt to wait for this to occur in order to buy. This provokes that the current demand decreases and, therefore, the real prices fall. The
179:
The results of the work carried out in the housing market did not support, according to the Bank of Spain, the hypothesis of equilibrium or a bubble, but rather reinforced the confusion that the situation of the
Spanish real estate market was characterized at the end of 2004 by an over-valuation of
162:
of the United States embassy in Madrid, the symptoms of a very considerable overvaluation could already be warned against, citing as its causes the nonexistence of a counterbalance of the rent market under an unfavorable legislation that was not likely to change under internal pressures in the main
294:
According to R.R. de Acuna & Asociados, a real-estate consulting firm, more than half of the country’s 67,000 developers can be categorized as “zombies”, having liabilities that exceed their assets and only enough income to repay the interest on their loans. According to the Bank of Spain, the
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On the other hand, the lack of transparency that characterizes the housing market in Spain impeded making exact evaluations of the situation: while one entity sent calm and alarming messages at the same time, the statistics never were systematic and were characterized by dispersion, when they were
135:
Construction companies, the main beneficiaries of the increase in prices, used to deny the existence of the bubble, clarifying the interested "myth", as well as other sectors directly tied to the construction business, for which a bubble did not exist, but was simply a "real estate boom". On
203:
In general, from the critical positions it was affirmed that the dependence of the
Spanish economy on the construction industry, as well as excessive debt, could have provoked an economic recession in the long term, especially with the rise in interest rates, that eroded domestic consumption and
123:
Although there is not an exact definition of a speculative bubble, in the case of the
Spanish bubble, differences between the average increase of the CPI and wages of 3% and the annual increases of the price of living up to 17% were evident indicating the price of housing increased 6 times more
191:
Those who denied the existence of a speculative bubble, and at most accepted a small over-valuation of assets, argued for the good state of the
Spanish economy, the employment and sustained growth data, and very small default rates, attributing the growth of prices to a pressure of demand.
212:
Home ownership in Spain is above 80%. The desire to own one's own home was encouraged by governments in the 1960s and '70s, and has thus become part of the
Spanish psyche. In addition, tax regulation encourages ownership: 15% of mortgage payments are deductible from personal income taxes.
54:
prices. This long-term price increase has happened in various stages from 1985 up to 2008. The housing bubble can be clearly divided in three periods: 1985–1991, in which the price nearly tripled; 1992–1996, in which the price remained somewhat stable; and 1996–2008, in which prices grew
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parties, according to the same cable. Also, it speculated success when the bubble exploded and the financial situation intensified, the government that would have been in power would have summoned early elections.
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announced the strong decrease of buying and selling of housing (27% in the first trimester of 2008) and the contraction of mortgages (25% in
January 2008), this is considered the moment the Spanish bubble popped.
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A colossal speculative bubble has been developing for many years already, which has been characterized by the
Economist (June 18, 2005) as a major speculative process in the history of capitalism.
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Furthermore, the oldest apartments are controlled by non-inflation-adjusted rent controls and eviction is slow, thereby discouraging renting. Banks offered 40-year and, more recently, 50-year
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However, the official reports of that entity also recognized the over-valuation of real estate assets, and already in the year 2002 alerted about a possible depreciation of housing. In 2003,
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If the facts about the real estate market were already accepted, by the different actors, it would not always be in agreement with the evaluation that makes such data. The same
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The housing bubble was fed by credit to private sector individuals and developers, which led to a significant increase in private debt (blue) that stopped with the
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243:. Since property prices dropped enough for most foreclosures to only account for 60% of the loan, those evicted have large debts for property they no longer own.
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suitable housing with a gradual uptake of the found discrepancy among the observed prices and the explained prices by its fundamental in the long term.
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On the other extreme were the critiques of those who estimated that things were occurring before a real estate bubble of unpredictable consequences:
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607:"EconomĂa/Vivienda.- El Banco de España vaticina una absorciĂłn gradual de la sobrevaloraciĂłn en el mercado de vivienda - elEconomista.es"
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In any case, in the first months of 2008 the strong deceleration of the
Spanish housing market already permitted some economists like
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were to continue at the still relatively high rate of today, the process of absorption of the bubble would take more than 30 years”.
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In August 2007, the U.S. real estate bubble burst, following the subprime mortgage or junk mortgage crisis. A little after the
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Estrategias para combatir el encarecimiento de la vivienda en España. ¿Construir más o intervenir en el parque existente?
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rate of household loans in doubt among the total amount of credit increased from 0.8% in 2005 to 6.2% in 2011.
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Unlike much of the United States, but like most European countries, Spain does not recognize mortgage loans as
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raised the unemployment rate and the default levels, finally leading to a devaluation of real estate assets.
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694:"Más de 900.000 viviendas construidas en los años del 'boom' inmobiliario están vacĂas - Cotizalia.com"
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Diario El Mundo: El pago de deudas se 'comió' en 2006 todo el nuevo ahorro de las familias españolas.
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published one of the first articles about the formation of a real estate bubble in Spain.
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17:
758:"Spanish property bubble fallout continues with evictions, debt and fear of homelessness"
732:"La venta de viviendas cae un 42% en Catalunya en un año, el mayor porcentaje del Estado"
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was ahead in this regard with a 42.2% sales plunge while sparsely populated regions like
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same procedure would take place in the inverse if people were waiting for an increase.
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En los últimos 17 años el precio de la vivienda en España se ha multiplicado por cinco
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1211:
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La burbuja inmobiliario-financiera en la coyuntura econĂłmica reciente (1985-1995).
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30:
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2611:
2508:
1901:
1577:
1166:
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La burbuja inmobiliaria ha inflado el precio de las viviendas un 40 por ciento
385:
433:
2465:
2172:
409:
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50:
is the collapsed overshooting part of a long-term price increase of Spanish
980:"GĂłmez Navarro cree que los bancos pueden 'quedarse' con el dinero del ICO"
964:"La deuda del ladrillo castigará a la banca, según las Cámaras de Comercio"
505:
La depresiĂłn industrial augura el fin de la burbuja en el sector servicios
1891:
802:
560:
225:
1036:
Satellite pictures comparing urbanized areas before and after the bubble
268:
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popped, Spain became one of the worst affected countries. According to
175:
rejected the idea that would have revolved around a speculative bubble:
1040:
633:"Todo lo que tienes que saber sobre los alquileres de renta antigua"
1852:
267:
1821:
1825:
1044:
1035:
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Los precios de la vivienda y la burbuja inmobiliaria en España
67:
718:"Recent history of the Spanish residential property market"
280:
One of the main effects of this situation is the growth of
1003:"Spanish Banks Cut Developers as Zombies Dying: Mortgages"
574:"Spanish Banks Cut Developers as Zombies Dying: Mortgages"
870:"Spain's Booming Housing Market And The Uncertain Future"
792:
Global Housing Market: Crises, Policies, and Institutions
34:
Evolution of the price of square meter in Spain, in euros
639:(in Spanish). JĂşbilo ComunicaciĂłn, S.L. Archived from
408:
Rullan, Onofre; Artigues, Antoni A. (1 August 2008).
788:"The Financial Crisis and Housing Markets Worldwide"
418:
Revista ElectrĂłnica de GeografĂa y Ciencias Sociales
2602:
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2382:
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2144:
2022:
1967:
1872:
1863:
1735:
1614:
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1155:
1116:
1024:
Statistics from the Spanish ministry of development
786:Bardhan, A., Edelstein, R. & Kroll, C. (2011),
663:"Construction output down by 0.6% in the euro area"
458:
Mapa de la sobrevaloración de la vivienda en España
949:"Alerta del Banco de España a las contructoras"
87:for grammar, style, cohesion, tone, or spelling
1837:
1056:
803:"Spain's Property Crash: Builders' Nightmare"
287:The President of the Chambers of Commerce of
8:
236:were down a mere 1.7% over the same period.
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2150:
2028:
1869:
1844:
1830:
1822:
1063:
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720:. Global Property Guide. 5 February 2021.
111:Learn how and when to remove this message
1001:Smyth, Sharon; Urban, Rob (2013-03-20).
913:"Año 2006: el Banco de España alerta..."
631:ExpĂłsito, Antonio A. (4 November 2005).
572:Smyth, Sharon; Urban, Rob (2013-03-20).
129:Spanish National Institute of Statistics
124:quickly than wages and the average CPI.
37:
29:
348:
909:Año 2004: el Banco de España alerta...
905:Año 2003: el Banco de España alerta...
2115:Natural Sites of Community Importance
7:
756:Hogan, Caelainn (14 November 2011).
325:2008–2014 Spanish real estate crisis
167:General evaluations of the situation
57:2008–2014 Spanish real estate crisis
2594:UNESCO Intangible Cultural Heritage
481:Precios históricos vivienda España
375:Azumendi, Eduardo (29 June 2009).
25:
276:, ending the speculative process.
252:Prices and number of houses built
2713:Real estate bubbles of the 2000s
1190:1830s Chicago real estate bubble
1179:1810s Alabama real estate bubble
256:According to the reports of the
72:
2158:Autonomous communities of Spain
2569:National and regional identity
1382:Western Australian gold rushes
42:Stages of a speculative bubble
1:
1811:U.S. higher education bubble
1722:Chinese stock bubble of 2007
1684:United States housing bubble
1678:2000s Danish property bubble
1660:Baltic states housing bubble
1436:Second Nova Scotia Gold Rush
379:La otra burbuja inmobiliaria
2589:UNESCO World Heritage Sites
1648:Japanese asset price bubble
1636:New Zealand property bubble
1605:New Zealand property bubble
1534:Third Nova Scotia Gold Rush
1302:First Nova Scotia Gold Rush
2729:
1765:Australian property bubble
1400:Tierra del Fuego gold rush
1284:Colorado River mining boom
1224:Queen Charlottes Gold Rush
274:2007–2008 financial crisis
151:, the former chair of the
18:Spanish real estate bubble
2693:Economic history of Spain
2644:
2391:
2268:
2153:
2031:
1801:Social media stock bubble
1786:
1343:2nd Industrial Revolution
1236:New South Wales gold rush
1157:1st Industrial Revolution
1078:
544:Instituto Juan de Mariana
389:(in Spanish). Grupo Prisa
55:astonishingly again. The
2247:Wars and armed conflicts
1887:Ancient History Timeline
1702:Canadian property bubble
1690:Romanian property bubble
1529:1930s Kakamega gold rush
1320:Vermilion Lake gold rush
857:"El tsunami urbanizador"
838:ww38.topspanishhomes.com
426:Universidad de Barcelona
310:Great Recession in Spain
1947:Transition to democracy
1922:Reaction and revolution
1753:Lebanese housing bubble
1714:Lebanese housing bubble
1708:Chinese property bubble
1642:Spanish property bubble
1499:1920s Florida land boom
1424:Cripple Creek Gold Rush
1412:Witwatersrand Gold Rush
1353:1870s Lapland gold rush
1248:Fraser Canyon Gold Rush
931:El PeriĂłdico de AragĂłn.
64:Existence of the bubble
48:Spanish property bubble
2537:International Interest
2345:Science and technology
2041:Autonomous communities
1747:2000s commodities boom
1727:Uranium bubble of 2007
1696:Polish property bubble
1672:2000s commodities boom
1588:1970s commodities boom
1358:Coromandel Gold Rushes
1242:Australian gold rushes
698:www.elconfidencial.com
592:"The Spanish hangover"
277:
201:
182:
43:
35:
2574:National Day of Spain
1771:Cryptocurrency bubble
1759:Corporate debt bubble
1666:Irish property bubble
1448:Mount Baker gold rush
1370:Black Hills gold rush
1272:Similkameen Gold Rush
1266:Pennsylvania oil rush
1254:Pike's Peak gold rush
1146:Bengal Bubble of 1769
1118:Commercial revolution
1093:Irrational exuberance
834:"topspanishhomes.com"
320:Unemployment in Spain
271:
197:
177:
41:
33:
2708:Real estate in Spain
2178:Constitutional Court
1442:Kobuk River Stampede
1376:Colorado Silver Boom
1308:West Coast gold rush
1260:Rock Creek Gold Rush
1218:California gold rush
315:Savings bank (Spain)
220:As feared, when the
158:According to a 2005
2121:Plazas de soberanĂa
1578:The Great Inflation
1561:Porcupine Gold Rush
1545:Post–WWII expansion
1523:Porcupine Gold Rush
1505:Fairbanks Gold Rush
1478:Porcupine Gold Rush
1460:Fairbanks Gold Rush
1230:Victorian gold rush
1195:Chilean silver rush
1108:Stock market bubble
768:on 14 November 2011
611:www.eleconomista.es
2350:Telecommunications
2051:Biosphere Reserves
1952:Contemporary Spain
1942:Spain under Franco
1882:Prehistoric Iberia
1517:Cobalt silver rush
1472:Cobalt silver rush
1430:Klondike Gold Rush
1326:Kildonan Gold Rush
1314:Big Bend Gold Rush
1173:Carolina gold rush
1134:Mississippi bubble
1103:Real-estate bubble
1029:2013-11-04 at the
985:2011-12-28 at the
936:2010-09-11 at the
918:2007-09-28 at the
817:Karaian, J. 2013,
643:on 11 October 2007
487:2011-04-18 at the
463:2011-09-28 at the
278:
222:speculative bubble
91:You can assist by
44:
36:
27:Real estate bubble
2680:
2679:
2640:
2639:
2564:Myths and legends
2532:National Interest
2378:
2377:
2330:Largest companies
2255:
2254:
2242:Political parties
2210:Foreign relations
2140:
2139:
2088:Iberian Peninsula
2036:Autonomous cities
2018:
2017:
1819:
1818:
1777:Everything bubble
1426:(c. 1890–c. 1910)
1406:Cayoosh Gold Rush
1396:(c. 1880–c. 1930)
1384:(c. 1880–c. 1900)
1366:(c. 1870–c. 1890)
1364:Cassiar Gold Rush
1360:(c. 1870–c. 1890)
1332:Omineca Gold Rush
1296:Cariboo Gold Rush
1278:Stikine Gold Rush
1214:(c. 1840–c. 1850)
1184:Georgia Gold Rush
1169:(c. 1790–c. 1810)
1072:Financial bubbles
820:The Pain in Spain
605:elEconomista.es.
363:978-84-323-0913-7
121:
120:
113:
16:(Redirected from
2720:
2698:Economy of Spain
2660:
2653:
2389:
2320:Financial crisis
2310:Economic history
2266:
2183:Cortes Generales
2151:
2093:Peninsular Spain
2029:
1980:Pre-Roman Iberia
1975:General overview
1870:
1846:
1839:
1832:
1823:
1621:Great Regression
1616:Great Moderation
1593:Mexican oil boom
1388:Indiana gas boom
1140:South Sea bubble
1098:Social contagion
1065:
1058:
1051:
1042:
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998:
992:
977:
971:
970:, March 10, 2010
961:
955:
946:
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928:
922:
902:
896:
891:
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872:. Archived from
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860:
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847:
845:
844:
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824:
815:
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800:
794:
784:
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773:
764:. Archived from
753:
747:
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743:
734:. Archived from
728:
722:
721:
714:
708:
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704:
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668:. Archived from
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594:. 15 April 2012.
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510:Libertad Digital
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264:Real estate debt
241:nonrecourse debt
116:
109:
105:
102:
96:
76:
75:
68:
21:
2728:
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2723:
2722:
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2703:Eurozone crisis
2683:
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2681:
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2663:
2656:
2649:
2636:
2631:Toro de Osborne
2598:
2579:Public holidays
2490:
2451:Life expectancy
2374:
2340:Property bubble
2251:
2136:
2014:
2010:Spanish miracle
1963:
1937:Second Republic
1859:
1850:
1820:
1815:
1782:
1739:
1737:Information Age
1731:
1623:
1619:
1610:
1599:Silver Thursday
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2630:
2617:Coat of arms
2514:Bullfighting
2504:Architecture
2471:Prostitution
2431:Homelessness
2406:Demographics
2360:Trade unions
2339:
2298:unemployment
2283:Car industry
2215:Human rights
2163:Constitution
2119:
2065:
2045:ranked lists
1957:1975–present
1796:Green bubble
1641:
1418:Encilhamento
1088:Credit cycle
1083:Market trend
1006:
996:
989:
975:
967:
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878:. Retrieved
874:the original
864:
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841:. Retrieved
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770:. Retrieved
766:the original
761:
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740:. Retrieved
736:the original
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701:. Retrieved
697:
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670:the original
657:
645:. Retrieved
641:the original
636:
626:
615:. Retrieved
613:(in Spanish)
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527:El Imparcial
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454:invertia.com
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437:. Retrieved
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101:October 2023
98:
85:copy editing
83:may require
82:
47:
45:
2436:Immigration
2426:Health care
2288:Communities
2273:Agriculture
2073:Earthquakes
1932:Restoration
1902:Reconquista
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1716:(2005–2008)
1710:(2005–2011)
1698:(2002–2008)
1692:(2002–2007)
1686:(2002–2006)
1680:(2001–2006)
1674:(2000–2008)
1662:(2000–2006)
1656:(1995–2000)
1650:(1986–1990)
1644:(1985–2008)
1624:(1982–2007)
1595:(1977–1981)
1581:(1973–1982)
1569:(1969–1970)
1548:(1945–1973)
1536:(1932–1942)
1525:(1918–1945)
1513:(1918–1945)
1492:(1918–1939)
1480:(1909–1918)
1474:(1903–1918)
1468:(1901–1918)
1456:(1899–1909)
1444:(1897–1899)
1438:(1896–1903)
1432:(1896–1899)
1420:(1886–1890)
1402:(1883–1906)
1378:(1879–1893)
1372:(1874–1880)
1346:(1870–1914)
1322:(1865–1867)
1310:(1864–1867)
1304:(1861–1874)
1298:(1861–1867)
1292:(1861–1864)
1286:(1861–1864)
1268:(1859–1891)
1256:(1858–1861)
1244:(1851–1914)
1238:(1851–1880)
1220:(1848–1855)
1197:(1830–1850)
1175:(1802–1825)
1167:Canal Mania
1160:(1760–1840)
1148:(1757–1769)
1142:(1711–1720)
1136:(1684–1720)
1130:(1634–1637)
1128:Tulip mania
1121:(1000–1760)
234:Extremadura
52:real estate
2687:Categories
2554:Mass media
2549:Literature
2441:Irreligion
2421:Euthanasia
2411:Disability
2193:Government
2168:Corruption
1990:Golden Age
880:2012-06-24
843:2023-09-20
772:3 November
742:2008-09-24
703:2023-09-20
679:2009-09-27
647:3 November
617:2022-02-25
439:3 November
393:3 November
343:References
93:editing it
2544:Languages
2446:Languages
2416:Education
2365:Transport
2205:Elections
2188:Judiciary
2127:Provinces
2024:Geography
2005:Civil War
1912:Expansion
1779:(2020–21)
1316:(c. 1865)
1205:1840–1870
1007:Bloomberg
637:jublio.es
578:Bloomberg
434:1138-9788
230:Catalonia
215:mortgages
2667:Category
2528:Fiestas
2476:Religion
2461:Pensions
2456:Naturism
2396:Abortion
2335:Taxation
2325:Forestry
2237:Monarchy
2232:Military
2225:Intersex
2146:Politics
2132:Wildlife
2067:Comarcas
2000:Military
1995:Economic
1968:By topic
1874:Timeline
1857:articles
1027:Archived
983:Archived
934:Archived
916:Archived
823:, Quartz
805:, 2008,
561:Consumer
493:Ecobolsa
485:Archived
469:Invertia
461:Archived
299:See also
226:Eurostat
208:Dynamics
2651:Outline
2604:Symbols
2524:Cuisine
2496:Culture
2384:Society
2355:Tourism
2261:Economy
2100:Islands
2083:Forests
2061:Climate
2056:Borders
1865:History
1773:(2011–)
1767:(2010–)
1761:(2008–)
1755:(2008–)
1704:(2002–)
1638:(1982–)
968:El PaĂs
424:(245).
386:El PaĂs
304:Spanish
247:Figures
2672:Portal
2612:Anthem
2519:Cinema
2466:People
2315:Energy
1855:
1601:(1980)
1414:(1886)
1408:(1884)
1334:(1869)
1328:(1869)
1280:(1861)
1274:(1860)
1262:(1859)
1250:(1858)
1226:(1851)
432:
428:: 28.
361:
2658:Index
2584:Sport
2559:Music
2486:Women
2401:Crime
2278:Banks
1907:Union
1853:Spain
673:(PDF)
666:(PDF)
331:World
289:Spain
160:cable
2625:Flag
2481:Time
2370:Wine
2220:LGBT
774:2013
649:2013
441:2013
430:ISSN
395:2013
359:ISBN
46:The
2509:Art
2293:GDP
790:in
2689::
1005:.
966:,
951:,
911:,
907:,
836:.
760:.
696:.
635:.
609:.
576:.
559:-
542:-
525:-
508:-
491:-
467:-
456:;
422:XI
416:.
383:.
217:.
2047:)
2043:(
1845:e
1838:t
1831:v
1618:/
1064:e
1057:t
1050:v
1009:.
883:.
846:.
776:.
745:.
706:.
682:.
651:.
620:.
580:.
443:.
414:"
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397:.
381:"
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103:)
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95:.
89:.
20:)
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