Spanish Prime Minister out of touch !
04/11/2010
Mr Zapatero is reported to have put his holiday home on the market at the price he paid for it in 2007, when the property prices were near the top of the boom. Who did his valuation for him? One of the reasons for his doing this may be that the Bank of Spain and the banks will be telling him that he cannot offer it at the real market price, as that would acknowledge the real level of values and thus the insolvency of the majority of the Spanish financial institutions that hold homes as security and use their 'asset value' as collateral for their own borrowing.
Makes him look a dope though!
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Campbell D Ferguson
F.R.I.C.S. Chartered Surveyor
Survey Spain
00 34 952 923 520
