Spain still mostly safe from legal woes, says expert
Released on: January 21, 2008, 6:48 am
Press Release Author: Jim watson
Industry: Real Estate
Press Release Summary: With so many other negative headlines about the Spanish property market as it experienced a correction following years of boom in 2007.
Press Release Body: With so many other negative headlines about the Spanish property market as it experienced a correction following years of boom in 2007, the crackdown on properties that were built illegally during recent years has hardly helped matters.
The problem was that some homes were built on illegal sites, such as location less than 100 metres from the sea. Some Spanish regional governments decided last year to take action, with last week bringing the first reported case of British investors being affected when The Daily Mail reported on the case of a couple who had moved to Vera in Andalucia from Berkshire whose £350,000 villa was demolished at two hours notice, due to the property apparently being built illegally following backhanders from the developers to the local council to gain planning permission.
Concerns about such events taking place has definitely put some Britons off buying in Spain property, Mark Stucklin, editor of property advice portal Spanishpropertyinsight.com has acknowledged. He said: \"Property is a very big investment and many people who are thinking of buying property don\'t want to take a chance with their savings.\"
However, the picture is nowhere near as bad as some have suggested, Mr Stucklin stated. Describing the scale of the problem as \"tiny\", he stated that it was only in the southern states of Andalucia and Valencia that such enforcement was taking place.
The key, therefore, is for those investing in property to take care and ensure the right research is done, he concluded: \"The vast majority of properties in Spain have absolutely no legal issues … [this] should just make people cautious. If you want to buy property in Spain, you can, and without any risk. You just do have to take care.\"
As for those looking for property which is not just safe from sudden demolition but also offers rising values, the place to look may be in the Canary Islands. Last year the archipelago saw prices fall slightly on all but Tenerife, which enjoyed a 7.5 per cent rise, according to Spanish property website Kyero.com, reports homesworldwide.co.uk.
However, the site added, Kyero\'s latest data has recorded increases in prices on some of the islands, with Fuerteventura now two per cent above the national average at €250,000 (£186,000). Tenerife, meanwhile, despite seeing the highest price rises last year, is 15 per cent below the national average at €208,000. For those either looking to buy where prices or rising or to find a good bargain, the islands offer this plus little or no present threat of having such investments turned to rubble.
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