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Spain: Tourism the top priority?

Jaimie Kanwar

The Spanish Government has unveiled new plans 'stimulate' tourism...

In a speech to the Nueva Economia Forum, Industry Minister Miguel Sebastian revealed:  “We have identified measures to stimulate the tourism and automotive sectors in order to help the government deal with the impact of the credit crunch.

In comments which could be of interest to owners of investment property in Spain, Mr Sebastian continued: “Tourism accounted for 11% of Spain's gross domestic product in 2007, but that there is still plenty of room for growth. We need to make tourism less seasonal."

”Steps were being taken to increase the number of pensioners taking winter breaks in the country, which could help to boost the rental income of those who own buy-to-let property in Spain.

Minister for housing Beatriz Corredor added: Now is a good time to purchase a home in Spain because supply of property outstrips demand and some developers may be forced to reduce prices”.