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Brazil Property News: Spanish bulldozers scare off British property investors
11th February 2008 03:24
Bulldozers have put the brakes on British property investment in Spain, according to new reports.
The issue was highlighted when figures released by the Costa del Sol Association of Constructors and Promoters last week revealed a sharp fall in the number of investors buying property on the country's Mediterranean coast.
Economists have also pointed to higher mortgage repayment rates, oversupply and fears for the Spanish economy as other contributing issues.
However, president of the Association, José Prado, said: "The single most significant factor in this horrific decline has been the threat of demolition."
A recent crackdown by the regional authorities in Spain has led to thousands of properties coming under the threat of demolition.
In Vera the £350,000 villa of a British couple recently was flattened for breaching planning regulations.
Furthermore, on the Costa Blanca 1,270 properties were built in Catral on protected land and now face the prospect of demolition.
Earlier this month Liam Bailey, head of residential research for Knight Frank, claimed that he believes Brazil is on the verge of a property boom as "most of Western Europe is fully valued".
For more information on Brazil property investment and to find out about uv10's latest projects, contact uv10 on 0845 643 1036 or email info@uv10.com or visit our website: http://www.uv10.com
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How to invest in Brazilian property
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