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Spain's Torrid Real Estate Market Keeps The Economy Running with the Bulls

机译:西班牙繁华的房地产市场使经济与公牛齐头并进

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In Spain the talk these days is all about spiraling house prices. Despite an average price gain of 17 percent last year, homebuyers and promoters are keeping their feet on the accelerator: housing starts remained strong in the first quarter after last year's record growth. Homes were overvalued by up to 35 percent in 2004, compared to 23 percent the previous year, according to Bank of Spain estimates. Overall household credit — mostly home loans — is close to 100 percent of disposable income, 15 percentage points higher than the average in the Eurozone. Yet lenders, pointing to structural factors underpinning the market, aren't worried. There is a huge market for second homes, growing immigration, and a high divorce rate that creates a need for two homes where once there was one. The housing market has become a key indicator of Spain's economic prospects, both for consumer demand and as a pillar for a construction industry.
机译:在西班牙,这些天的谈论都与房价飙升有关。尽管去年平均价格上涨了17%,但购房者和推销商仍在加速器上的脚步:继去年创纪录的增长之后,第一季度房屋开工仍然强劲。根据西班牙银行的估计,2004年房屋被高估了35%,而上一年为23%。总体家庭信贷(主要是住房贷款)接近可支配收入的100%,比欧元区平均水平高15个百分点。然而,放贷人指出支撑市场的结构性因素并不担心。第二套房子的市场巨大,移民不断增加,离婚率很高,因此需要两套房子,而以前只有一套房子。住房市场已经成为西班牙经济前景的关键指标,无论是满足消费者需求还是作为建筑行业的支柱。

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  • 来源
    《Institutional investor》 |2005年第7期|p.37-3840|共3页
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  • 正文语种 eng
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