The Economy Crisis in Spain – Essay – James Harrison
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The Economy Crisis in Spain
The economic crisis in 2008 has brought a variety of consequences to Spain, some that have been more serious than others, so I will talk about the points that contribute most to this crisis. The crisis in Spain has brought problems that have not only affected the economy but also the social level. If I had to choose some aspects affected by the crisis would be; the price of housing, the risk of unemployment and migratory flows are some consequences that have had a great impact in Spain so I will concentrate on these points for this essay.
First, I believe that the price of housing is one of the most serious problems affected by the crisis. Spain has suffered a lot in the proprietary market since the beginning of the crisis in 2008 and we have noticed that prices have fallen by 25%. Before the crisis the interest rate was very low, then the prices of Spanish property have tripled. So the banks and the real estate agent would have borrowed and fed a property bubble. Then in 2008 this bubble would have exploded and that is why there is now a fall in home prices. Now banks suffer from piles of bad mortgage offers and indebted homeowners face financial misery.
Due to the crisis, the Spanish population has suffered from a risk of unemployment and today the country suffers from a large percentage of unemployment and is accused of the economic crisis in 2008. From that point the rate has increased by 8.6% in 2007 and recorded its highest peak in 2012 when the rate was 25.8%. Nearly 100,000 people have lost their jobs in the real estate sector due to the property bubble. There is also less demand for housing
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By: James Harrison
Submitted: February 27, 2019
Essay Length: 467 Words / 2 Pages
Paper type: Essay Views: 261
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