Have you seen semolina pudding being made on a hot stove in a black cooking pot? The semolina is roasted, sugar is added, then a drop of milk, then water, more water, more water...The water just evaporates or is absorbed by the crunchy semolina mix.
That's how it seems money has gone into the system, like water. Projects were started, they cost money, wages were paid, people used that to eat, drink, pay their bills and so on...Like the water evaporates and collects somewhere, and perhaps comes down as rain somewhere else, so the same thing with money. It was earned here, remited there, used somewhere else, deposited somewhere else, withdrawn by card somewhere else...
The housing and construction projects have been built in a similar fashion. I remember there was a craze in 2004, when I read a book by Robert G. Allen, Nothing Down for the 2000s - this was about how to buy a property with no or minimum deposit. And not only a property, but many. There was a book by someone, who apparently had made several millions on the Spanish property market and was showing people a strategy to make their fortunes.
The stategies were sound, on paper in few words. But reality is many-dimensional. Speculators were pulling money out like slices of cake, buying a 100,000 property for 80,000 then pulling out as much of the 20,000 as the markets would permit. Such avaricious dreams were fulfilled for a little while. After the onset of the 2008 property market crash, in US and Spain and other places, banks and construction companies and hopeful property speculators have been left holding bitter lemons, properties which have depreciated in value and finding neither buyers nor renters, because the local economies have contracted, leaving jobless people, cash-strapped councils and municipalities, and banks looking at empty vaults and a portfolio of houses for which there are few willing buyers....
There is a ray of hope...Now that the property prices are at rock bottom, this I believe is the time for people who need a house and investors to buy... So a marketing extravaganza should be started, with the properties cleaned and primed and the weeds cleared off. If governments can issue visas to buyers from overseas, maybe the markets will start to pick up. Once that happens, jobs will start being created locally, and then catering, entertainment, schooling, tourism, everything will pick up.