Spanish Investors Look for Amnesty

  • 15 years ago
  • Uncategorized

Real estate investors in Spain are hoping for wide-scale amnesty in the face of crackdowns on illegal planning in the recent housing boom. Many new homes in Spain, particularly along the coastal areas, or costas, were constructed with permission of corrupt officials and planners. With so many new homes, it would be difficult to demolish them all according to advisors.


For example, in Malaga it has been estimated that some 40,000 houses and apartments were constructed illegally, and Marbella has another 20,000 illegally constructed properties. Marbella is expected to have one of the first large scale amnesty programs. The president of the Malaga’s Provincial Council, Salvador Pendon, has told owners that there should be an announcement soon. However, he did indicate that apartment blocks built on protected land will probably be demolished.


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