Spanish Minister Claims Property Is Safe To Buy

[mattyfc]

http://www.telegraph.co.uk/property/expatproperty/8492815/Spanish-minister-claims-property-is-safe-to-buy.html

Unperturbed by British investors protesting outside, Spain's development minister today explained to businessmen at the Spanish Embassy in London why now is the time to invest in Spain's 700,000 unsold holiday homes.

Helen Prior would probably disagree:

http://my.telegraph.co.uk/expat/annanicholas/10142990/buying-in-spain-is-not-as-safe-as-houses/

After all you can’t go wrong with bricks and morter?

[Warwick-Watcher]

http://www.telegraph.co.uk/property/expatproperty/8492815/Spanish-minister-claims-property-is-safe-to-buy.html

Are all 700,000 unsold properties sitting on land with good freehold title? Isn't there a shytload of property built on the costas that hasn't got planning permission?

[leicestersq]

http://www.telegraph.co.uk/property/expatproperty/8492815/Spanish-minister-claims-property-is-safe-to-buy.html

Are all 700,000 unsold properties sitting on land with good freehold title? Isn't there a shytload of property built on the costas that hasn't got planning permission?

On the council house BBC investigation thread, there was the issue of land and private property. As Marx said, all property is theft, and you cant really disagree. Someone somewhere had to say that this is mine at some point in the past, and in doing so, took it off everyone else.

However, it is impossible to build and develop and make things better if there is no clear title, backed by state law. It looks like this important part of government has been very lax in Spain, and what law there is appears to have been ignored when foreigners have tried to buy.

Spain needs to review its land registry system, to make it clear, understandable, and difficult to get wrong. I am normally against government intervention, but only the Government can carry out the role of allocating title to land and property, and it must do this job properly.

[JaneTracy]

To give people investment advice on money bonds and shares you have to have a licence from the FSA. Apparently this does not apply to property.... It is a shame that in years to come we wont be able to sue this Spanish Minister for misselling.

[LiveAndLetBuy]

I'm not sure if it's 700,000 unsold holiday homes or just 700,000 unsold homes in general. Plenty of crap was built all over Spain without any apparent intention of selling it at all. Nobody knows what is illegal and what isn't - if the state starts enforcing new laws retroactively like Spain has done then in theory any property can be deemed illegal at some time in the future.

[Realistbear]

Safe? Reminds me of the conversation in Godfather I when Michael was offered a meeting with Don Barzini at a place guaranteed by one of his Caporegimes where he would be safe.

My guess is that Spain has another 20-40% to fall.just like us.

[Peter Hun]

I'm not sure if it's 700,000 unsold holiday homes or just 700,000 unsold homes in general. Plenty of crap was built all over Spain without any apparent intention of selling it at all. Nobody knows what is illegal and what isn't - if the state starts enforcing new laws retroactively like Spain has done then in theory any property can be deemed illegal at some time in the future.

There are something like 1.6million unsold properties in Spain, and repossessions exceed sales.

Edited May 5, 2011 by Peter Hun

[Ulfar]

Given the Spanish land and property grab you couldn't pay me to buy a property over there.

In addition to this what is Spain going to do when all the subsidies they receive dry up.

[Deckard]

There are something like 1.6million unsold properties in Spain, and repossessions exceed sales.

Wow... is the bit in bold true? Do you have a link?

Edited May 5, 2011 by Greener Pastures

[OnlyMe]

Given the Spanish land and property grab you couldn't pay me to buy a property over there.

In addition to this what is Spain going to do when all the subsidies they receive dry up.

Yes, can you imagine being ripped for increased propoerty taxes and then later told the whole lot is illegal nd has to be pulled down.

The spanish authorities knew what scams were being played - largely on an unsuspecting foreign purchaser base and let the local mayours/developers gain billions from their activities.

Absolutely no reason to believe anything has been done to solve existing prolbmes or prevent the same happening in the future.

[okaycuckoo]

When David Mellor claimed beef was safe to eat, he got his daughter in front of the camers to stuff a burger in her gob.

Is this minister providing deposits for his kids to scoop up this reasonably valued property?