Europe fights Spanish land grab laws

Spanish property owners have taken a big step forward in the fight against land grab laws after the European Commission launched legal against Spain’s controversial laws.

Houses in Valencia owned by foreigners have been demolished or left virtually worthless by Spanish property developers who are exploiting the rules. After years of campaigning, the EC has started to take notice and has said the land grabbing breaks EU rules. Earlier in the year, MEPs had visited some of the afflicted pieces of land. Property owners who had had problems were promised financial renumeration however they say that the compensation has yet to materialise.

Originally, the laws were made to help deliver low cost housing for residents and prevent developers and speculators from banking land. Unscrupulous developers noticed a loophole which allowed them to seize property and land at very low rates by targetting foreign property investors, many of whom were using the property as retirement or holiday homes.

Complaints have already been made to the Spanish government by the EC, ensuring a change of law. However, the commission has said that they do not believe that the changes have gone far enough – some of the loopholes are still present due to the way that some property contracts are given.

3 Trackback(s)

  1. From Spain 4 Ever » Europe fights Spanish land grab laws | Jun 29, 2007
  2. From Viva Spain! » Europe fights Spanish land grab laws | Jun 30, 2007
  3. From Rent In Spain » Europe fights Spanish land grab laws | Jun 30, 2007

RSS Feed for This PostPost a Comment