Dec 1 2010
Spanish Beaches Offer Great Deals As Economy Stabilises
With European markets creaking under the weight of deficit upon deficit, the Spanish are focusing on reasonable austerity measures that are keeping the appeal of the Western European nation enormous and as suitable as any when it comes to investment in luxuries in the country (taking second home insurance perhaps). The deputy finance officers was recently quoted as saying that Spain was not Greece, is not Ireland and never will be knowingly nudging the ailing economies of two Eurozone nations that have already given the Spanish cause for concern.
Spain has recently found success in its attempts to avoid the potentially contagious situation in the Eurozone by issuing bonds on international markets. This action has brought the economy alongside that of Italy, which is similarly healthy (and sunny too!)
Its unsurprising that the Finance Minister is concerned what is happening abroad and unwilling to be swept along with it. Foreign money is crucial in spain, which has the second largest tourism industry in the world (generating about 5% of the countrys GDP). In fact, now is as good a time as any to be looking into holiday home insurance if its been on your mind for some time. The property market is the problem area in the Spanish economy. Whereas the global picture has been one of bankers excess, Spain has been keeping lending under tight controls for two decades..
The picture is therefore a happy one for UK residents looking for a sunny second property. Its difficult for a UK citizen to see anything but competency in the Spanish banking sector: Banco Santander basically owns the bits of the UK high-street that the government couldnt afford to bail-out, whilst the incompetent UK owners fled with their tails between their legs. And when it comes to property, the fact that the Spanish market has collapsed only makes the bargains more readily affordable to anyone not already within the system. That dream second home in the sunniest of Spanish towns may be closer than youve ever hoped, so now may be the time to organise your house insurance Spain now.
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