The president of Spain’s constructors’ association – more cognisant than most of the devastation in front of him – tells the government that “Concrete measures are needed”. With more than 500,000 unsold properties on the market, I would’ve thought it was crystally clear we’d already had enough initiatives involving concrete.

Incidentally, if Pontevedra is anything to go by, this number of 500,000 can only increase in the next 2 or 3 years, creating even more downwards pressure on prices. Not only are 5 to 10 huge new flat blocks about to come on stream but foundations are being dug out on several vast new sites dotted about the city. No liquidity problems here, it seems. Though it’s gone rather quiet on the site in front of my house. Which has certainly eased the parking problem. It’s an ill wind . . .

Since we’re talking property today, here's a interesting comment from Mark Stucklin’s Spanish Property Insight blog. Frankly, I wouldn’t advise anyone who’s struggling to pay the mortgage on a flat in southern Spain to read the rest of the article:- But what if you are in the happy position of being a buyer in this market? Can you take advantage of rising foreclosures of holiday homes in [southern] Spain to snap up a bargain at auction? Probably not, is the honest answer. Really great opportunities still get snaffled up by insiders long before auction. And those that do make it through may be earmarked by the auction ‘mafia’, who are people you don’t want to cross. If you bid against the wrong person in a public auction in Spain, there’s no telling what might happen to your property. Your best bet is to let bank managers and estate agents in your target area know you are a solvent buyer in a position to move quickly. That way you might find a distressed vendor prepared to take a big hit for a quick sale to avoid the costs of repossession. On second thoughts, I probably should have advised you not to read this extract either.

And still on property . . . One of our numerous local papers reports that Galician constructors started investing their profits in East Europe, Africa and South America at least a year ago. Not stupid, these Gallegos. Possibly a wiser move than that of Ferrovial’s purchase of BAA and its British airports, which are hated even more now than they were before. Quite an achievement.

Finally, if you want a perfect example of the sort of thing that went on – and of the level of greed/stupidity displayed by British buyers – the latest big name to go into voluntary administration is the development company, San Jose Inversiones. As Mark reports, despite being legally obliged to do so, they didn’t give bank guarantees to people making stage payments for properties bought ahead of construction [“off plan”]. Needless to say, these are now likely to be lost.

My Sunday squid and Albariño in Vegetables Square was rather spoilt this week by two things; firstly, the arrival of relatives and, secondly, the persistent interruptions of a wide-eyed young lady seeking a donation of 10 centimos from each of us. We have several sorts of beggar here in Pontevedra but this was a new one on me. Not only was she well-dressed and not unattractive but she had a glass of something in one hand and a cigarette in the other. A class act, in other words. But it availed her nothing at our table, I have to admit. The other beggar to bother us was a regular who has the habit of tapping you on the shoulder and then putting his ugly face to within a few centimetres of your nose. I gave him my customary Anglo-Saxon greeting but was then surprised to have the lovely waitress, Olivia, not only ask me what this meant but also seek pronunciation lessons. I look forward greatly to next Sunday as Olivia is not known for her dulcet tones. She calls me Frank, by the way. But that’s another story.

Only joking about the relatives. Honest.


The Anglo Galician Association – open to all who speak English – now has a Forum on the web. If you have a query about Galicia, why not register and post it.