Jun 05

Spanish Property…and we complain about A-REITs!

Source: Morningstar

The above is a long term chart of the S&P Spain Property Total Return index denominated in Euro. I was doing some other work looking for a particular index and came across this one…I thought it might be interesting and I guess it is…if you’re not Spanish.

I don’t know how many property securities are in this index but I don’t think I’ve ever seen an index fall off the cliff like this one. If you invested $10,000 in mid-1989, it would have been worth close $110,000 towards the end of 2007….nice return… but since then…oh dear…its now worth $1,300…a near 99% drop.

So much for “property always goes up!”

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