Spanish Government finally moves to stem property scandals

November 26, 2006

The government of Spain will introduce a bill on Thursday to stop rampant property speculation blamed for a series of corruption scandals. But the efforts to halt speculation may come up against opposition from regional governments, may of which want to strengthen their own powers over urban development. But the government wants 'radical change' to stop the seemingly endless construction of golf courses and holiday homes in Spain. These developments, which have been to a large extent the motor behind the eight year building boom in Spain, have often been exploited by unscrupulous promoters and corrupt politicians. Supporters of the bill claim they have also failed to respect environmental concerns. The new bill would introduce national limits on how much land can be reclassified for construction by local authorities in Spain. A part of this would stop projects which would increase a town's population by more than 20 percent. The bill is expected to protect buyers from corrupt town halls and property developers, whilst the decreased supply of new homes is likely to have a positive effect on prices. this offers excellent investment opportunities for those purchasing a property in Spain. For an extensive choice of new and off-plan property for sale in Spain on the Costa Blanca and Costa Calida, visit the Novocasa website.