The Spanish financial crisis in 2009 was an overabundance of private debt. Developers used that debt to build lots of flats, too many in all the wrong places. Those developers then went out of business and construction has been moribund since then.
A lot of other European governments took on too much public debt and had to enforce austerity measures. This proved very unpopular.
Unlike the US, the Spanish government did not bail out private industry debt. And so 15 years later here we are. Not enough housing stock and not enough private builders to carryon building more.
A lot of other European governments took on too much public debt and had to enforce austerity measures. This proved very unpopular.
Unlike the US, the Spanish government did not bail out private industry debt. And so 15 years later here we are. Not enough housing stock and not enough private builders to carryon building more.