That day the real estate sector as a whole had a drop of which happen once every years, of which tend to announce the beginning of a great movement. It was not a simple correction. Nor do I believe that the trigger was the initial fall of Astroc as he has been said in many places. Astroc is a company that does not follow any analyst, who does not have a clear and understandable, not distributed dividends and activity which was considered very overrated (to 75 euros had a PER2006 of nearly 100 times) by the vast majority of stock investors. Therefore, if the majority of investors could expect that sometime Astroc disrupted a strong correction not it seems logical to think that this correction has caught them by surprise and they have reacted with panic selling shares of other companies that have a clear activity, share dividends and were not so absurdly overvalued as Astroc.
I think the real trigger for the correction was the 100 questions TVE program to Rajoy, which said very clearly on several occasions that I was going to liberalize the soil when it came to the Government. Because, for me, the real estate bubble did not begin at the end of the 1990s, but the day that someone invented a major scam of mankind; the urban recalificaciones. It is not recalificaciones system promotes corruption, it is that it is expressly intended to enrich himself through corruption. The market of the soil in Spain (and in the majority of countries) does not respond to the laws of supply and demand (as the markets of apples, t-shirts, cars, computers, shoes, etc.) but the level of corruption and totally arbitrary decisions of a small group of people who decide where you can build and where not. Currently the price of land in Spain has a very high price, but the soil is not a scarce commodity.