Thursday, 20 January 2011

Spanish government aiming to attract overseas property investors

Spanish government aiming to attract overseas property investorsThe Minister of Development for Spain, Jose Blanco, has announced a set of new measures he hopes will give his country's property market a much needed shot in the arm, reports Spanish Property Insight. Like the rest of the Spanish economy, the nation's housing sector is in a state of freefall, something that's been compounded by the country's fuzzy property laws.

In an effort to boost the market Blanco wants to change Spain's attitude towards property rights, especially those of money-rich foreign investors. Speaking before the Parliamentary Housing Commission he made it clear he wants to make Spain more attractive to overseas buyers than it currently is.

The plans he outlined include reinforcing legal protection for those who buy homes and holiday rentals in good faith, and holding international press conferences to win the confidence of investors. He also promised to build the sort of homes foreign investors require and wants to reduce a market-stifling glut of new builds.

Blanco said price reductions will be needed in areas suffering from an oversupply of new homes and new jobs are still required to stimulate the market. But already his plans represent a major sea-change in the way Spain deals with foreign investors.

This story was brought to you by Property Overseas Group