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The Housing Collapse in Spain – Reasons and Lessons


  • Stefan Yotov


he main stages are monitored from the upward price trend of the housing market in Spain in the past 15 years and its shrinking since the beginning of 2008. The main significance is outlined - of the increasing mortgage crediting and the decreasing interest rates for the construction growth and the real estate prices during the period of the study. Having about 19% unemployment, Spain is one of the hardest hit countries from the global crisis, and the consequence thereof is going to be overcome quite slowly, due to the situation in the housing sector. In conclusion the future economic pattern in the country can not be based any more on excessive development of cyclic sectors such as construction, real estates and the market of vacation settlements of the “Second Home” type.

Suggested Citation

  • Stefan Yotov, 2010. "The Housing Collapse in Spain – Reasons and Lessons," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 99-113.
  • Handle: RePEc:bas:econth:y:2010:i:2:p:99-113

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    References listed on IDEAS

    1. Nikolay Nenovsky, 2009. "On Money as an Institution," ICER Working Papers 12-2009, ICER - International Centre for Economic Research.
    2. Pamuk,Sevket, 2004. "A Monetary History of the Ottoman Empire," Cambridge Books, Cambridge University Press, number 9780521617116, March.
    3. Fantacci, Luca, 2008. "The dual currency system of Renaissance Europe," Financial History Review, Cambridge University Press, vol. 15(01), pages 55-72, April.
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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets


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