Borja Mateo is one of the most critical and contrarian real estate analysts in the Spanish market, and this 2018 book is consistent with that reputation.
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Real estate analyst Borja Mateo offers a critical, contrarian perspective on Spanish real estate investing: when to buy, when to sell, how to identify housing bubbles before they burst, and what ratios to use to determine whether a property price is justified by economic fundamentals. Includes detailed historical analysis of Spanish real estate cycles.
Borja Mateo is one of the most critical and contrarian real estate analysts in the Spanish market, and this 2018 book is consistent with that reputation. His central thesis is that most real estate investors in Spain buy at the wrong time, in the wrong product, and without the right calculations because the sector's dominant narrative — promoted by developers, agencies, and media — systematically pushes them to act. Mateo devotes a significant portion of the book to dismantling widespread myths: that real estate always goes up, that renting is money thrown away, that financing is always positive. His analysis of Spanish real estate cycles, backed by historical price and yield data, is one of the most rigorous available in popular format. The counterpoint is that Mateo can be excessively catastrophist in his projections, and his contrarian position carries its own biases: extreme caution has real opportunity costs. For those who have consumed optimistic real estate content and need an analytical counterweight, this book is a valuable antidote.
For the investor who has received too many positive messages about real estate and wants a critical, data-based analysis before making a decision; less useful for those seeking an operational manual.
FactBorja Mateo published «La verdad sobre el mercado inmobiliario español» in 2009, one of the first analyses to anticipate the scale of the post-financial-crisis price decline in Spain.
