Currently Spain is at an all time economic low, and as the months pass more and more Spaniards are packing up and leaving in search of work, as the economy comes to a virtual standstill.
With Christmas just around the corner, you could say that everything here in El Campello looks quite normal, with the streets adorned with festive lights, and the high street shops ready and hoping for their best 4 weeks of the year, if we take into account Christmas, New Year, Kings Day, with the official sales beginning on the 7th of January. In Alicante, on the 5th of January shops like “El Corte Ingles” stay open until about 2am, hoping to catch last minute shoppers for what is the Spaniards traditional Christmas “Reyes” on the 6th. Unofficially the Sales have already begun with early discounts being offered in most shops around El Campello, and even more so in bigger cities like Alicante.
As Christmas passes and the year comes to an end, a very important decision is about to have a significant effect on just what will happen here in Spain, in particular to the over stocked property market, as the EC commission must make the decision about refinancing the Spanish banks before the new year begins. Unfortunately it seems the only way is to refinance the banks, so they in turn can release the stranglehold they currently have over the property market, so property prices can begin to rise, which would create confidence in the marketplace. On the other hand, if no money is forthcoming from the EC, then prices could fall even more, making property in Spain so much more attractive for cash buyers with a budget of 90,000 Euro or more, and then the economy could begin to grow , and without the help of the banks.
El Campello is a good example of a town with many apartments that need to be sold quickly, with local estate agents displaying a multitude of new “Low Price” tags, and probably at least one for sale sign on every apartment block. There are also a number of new build promotions around El Campello that are having problems to sell all of the apartments, and these too are being marketed at lower prices than last year.
It is the same in virtually every other town along the Costablanca from Denia to Torrevieja, and inland it gets worse. Unfortunately many people’s dreams of living here in Spain were broken, and we can only blame the high level of political corruption that exists here, along with all the damage the banks have caused by going bankrupt when losing investors’ money on the futures markets. Spain needs to change for the better quickly, clean up its act, and get the economies wheel moving again, and really begin to promote areas of Spain like the Costablanca as the ideal European home, but to do that many things need to be changed to make Europeans who don’t speak Spanish feel comfortable wherever they go. Come on Spain. Get European, and our official language is ENGLISH.