Spanish ‘Road Shows’ results

6 Dec

Politicians and real estate promoters, have for more than a year, been travelling the world with ‘Road Shows’ trying to sell some of the more than 700,000 unsold dwellings which are dragging the Spanish economy downhill. Some of these expensive expeditions have been spearheaded by the Ministry of Foreign Affairs, others by regional governments, Diputaciones Provinciales, all assisted by the associations of promoters and real estate agents which caused the glut in the first place.
A latest ‘Road Show’ was organised by the Diputacion of the Malaga Province and the Patronato de Turismo de la Costa del Sol, with visits to UK, Russia, Sweden, Bulgaria and Germany. The cost, up to now, 40,000 euros of public money.
There are 40,000 unsold dwellings on Costa del Sol. 1,000 of them were offered for sale in the 5 countries visited. The result: not one dwelling sold.
The other ‘Road Shows’ have not fared much better, only serving to give the less than serious politicians and promoters the possibility to travel and stay in top hotels, eating and drinking in fancy restaurants, all at the expense of the taxpayer.
The grave failure of the ‘Shows’ is a serious warning to the ‘bad bank’ Sareb, which will be saddled with 90 billion euro’s worth of the property mountain.
It may be better to move in the bulldozers now !

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