Spain bids to woo back Brit Buyers

The Spanish government has promised new planning laws and an end to the confusion surrounding “illegal” homes in a bid to woo back the British property buyer. There are 800,000 unsold homes in Spain – half of them near the coast. Most are now at heavily discounted prices which should make them attractive to bargain hunters.
Housing Secretary Beatriz Corredor has revealed in an interview that the Spanish government is to steer a package of legal reforms through Parliament this month, and in coming weeks the government will also launch a series of road shows around Britain and other northern European countries to promote Spain's property market. She said the new laws would eliminate the confusion that has led in some cases to British home owners being told to knock down their properties because they were illegally built. She asked prospective buyers to “trust in the system that we have and the transparency we provide”, tempting them with prices significantly lower than two years ago – housing prices in Malaga have fallen on average by 24 per cent. Overall, since the country’s economic crisis began, prices have plummeted by up to 40 per cent and banks and construction firms are desperate to recoup their investment. In recent years, one third of all Spanish properties sold to foreigners have been bought by Britons, but many are now being put off by horror stories of planning permission being retrospectively revoked and other complications, so numbers have slumped. But the government is now trying to right all the wrongs committed in the past by local councils, builders, real estate agents and lawyers, who all reassured foreign buyers that any issuing bits of papers could be obtained “later” without any trouble. To correct this, a key element in the package of legal reforms is that for any property being sold the local council will be obliged to provide a document stating clearly its boundaries, the category of land on which it stands, its access to services including water and electricity, and details of its planning approval.
Source: TheNewsOnline