How a Recession in Spain May Be Good For You

Everywhere you go you can hear people talking about the recession and why it is a terrible thing. There is no doubt that this is a deep recession in Spain but I would like to point out a few good points that may come out of it, at least for individuals.

The first thing is that interest rates were lowered significantly with the recession. Many people in Spain now have a lot more money than last year as their repayments on mortgages and loans have reduced drastically. Mortgage rates have dropped more or less from 6% to 2%. This means that an average Spanish mortgage is 500 Euros per month less expensive than last year. Obviously an extra 60 Euros a year in the pocket can go a long way.

Secondly with property values having tumbled there is good news for buyers, if not sellers. The availability of bargains under the Spanish sun is now much more prevalent. To buy a property for lifestyle reasons as opposed to an investment you now get much greater value for money compared with two or three years ago.

The next issue is that this combination of lower prices along with the low interest rates has meant that fixed rate mortgages on properties are at an affordable level. It is now possible to get a property that might well make you money on a buy to let basis. This was nigh on impossible in the years 2006 and 2007.

As an estate agent the good news is much less competition. Around 70-80% of estate agents or realtors have gone out of business and it is only the good ones who remain.

To start a business in Spain there is an excellent workforce that are highly qualified waiting for a job. Spain has a very large proportion of its young people unemployed and they are just waiting for a chance to show what they can do. When you put this resource together with the great transport infrastructure of roads, air and most especially rail you have a really good opportunity to open up here.

Lastly, if the recession means that Spain will make the necessary changes in the workplace and thus becomes more competitive. If Spain develops its reneweable energy sources, its transport know how and technological ability then the current world recession is a great opportunity to develop the economy.

Spain still remains a fantastic place to live as the fundamentals of the climate, the location and the lifestyle are all in place. Spain remains the place that the Northern Europeans come to play simply because of its geographical location. Perhaps the country only needs to believe in itself a bit more.

Article Source: http://www.mycontentbuilder.com

Graham Hunt lives and works around Valencia in Spain. You can read more by AuthorName] at the website Houses for sale in Spain The introductory video post tells you how to navigate the site. For even more great information on Spain Follow On Twitter

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