Real Estate Sector

That day the real estate sector altogether had a fall of that every many years happen once, of that usually announces the principle of a great movement. It was not a simple correcin. I do not believe either that the detonating was the initial fall of Astroc since it has been said in many sites. Astroc is a company that does not follow any analyst, who does not have a clear and comprehensible activity, that she does not distribute dividends and that was considered overvalued very (to 75 Euros it had a PER2006 of almost 100 times) by the ample majority of stock-exchange investors. Therefore, if the majority of investors could hope that at some time Astroc underwent a strong correction does not seem logical to me to think that correction has pillaged to them by surprise and have reacted with panic having sold action of other companies that yes have a clear activity, distribute dividends and they were not so absurdly overvalued as Astroc. I believe that true the detonating of the correction was the program of the TVE of the 100 questions to Rajoy, in whom said very clearly in several occasions that it was going to liberalize the ground when it arrived at the Government. Because, for me, the true real estate bubble did not begin at the end of the 90, but the day that somebody invented one of the majors swindles of the humanity; the city-planning re-qualifications. It is not that the system of re-qualifications favors the corruption, is that it is thought specifically to become rich thanks to the corruption. The market of the ground in Spain (and most of countries) does not respond to the laws of the supply and the demand (like the markets of apples, t-shirts, cars, computers, slippers, etc.) but at the level of corruption and to the totally arbitrary decisions of a reduced group of people who decide where it is possible to be constructed and where no.

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