Lessons to be learned from Spanish property market

The Housing Secretary in Spain has issued an all out appeal to Britons to return to the Spanish property sector – please! As we all know, the Spanish economy has been flailing, and one of the biggest causalities has been the construction industry. Buyers have been conspicuous by their absence – put off in part by stories about properties being illegally constructed and then demolished, as well as tales of corruption and nose-diving values of homes in Spain.

Now, in a bid to get Britons back in and buying in big numbers, Beatriz Corredor the Housing Secretary has issued a statement to reassure Britons who may feel that the Spanish property sector has got something of a crooked reputation. She wants Brits to feel confident in “the system” and “the transparency” now in place in Spain’s real estate industry, and to return and start investing again.

Well, if that’s the case then we think Northern Cyprus and Turkey could both learn some very important lessons from Spain if they want to protect their fragile property economies, and not alienate the one market of buyers that has, to date, remained loyal to each country in question. Spain all but ruined its property market because of greed – and if what we’ve been told by our readers is true, Northern Cyprus and Turkey are following in Spain’s unfortunate footsteps.

The property market in Spain boomed on the back of second home buyers from the likes of the UK. Britons bought in foreign sourced euros, injected them into the economy, and in theory got a lovely home on or near to the Mediterranean as a result. However, things then turned ugly for a number of reasons.

Source: Shelter Offshore