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The Guardian this morning is running articles on the scandal of 11 million properties standing empty across Europe including an estimated 3.4 million homes vacant in Spain. Whilst millions are homeless and living rough.
The article also has a piece describing the illegal black market trade around Madrid where gangsters are selling empty bank owned properties to homeless Spaniards at cheap rents. In the Basque region and around Barcelona tax hikes are now being imposed on property owners, usually banks who leave properties lying empty and unused whilst so many are homeless.
http://www.theguardian.com/society/2014/feb/23/spain-property-black-market-housing-madrid
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The article mentions 3.4 million homes standing empty in Spain, an incredible number, plus, the half built numbers. So Approx 4 million which I suppose could house 12-16 million extra people if taken over by Government/Councils legally as opposed to this mafia run squatting and letting illegally.
Lost revenue and taxes for Spain, dilution of average property prices maybe, these homes need to be cleared off the books to bring any semblance of reality to the market 🙄
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The obstacle to housing the homeless in these properties comes from bankers who lack imagination to turn them into thriving communities and simply believe they can rid themselves of them when the market turns. Also a government who could not care less for the homeless and unfortunates evicted from their homes when they lost their means of support.
The sheer scale of empty property in Spain is staggering. The over supply will take a generation to sell off.
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Good post logan, such matters need to be aired if only to help others avoid this black market situation, you’d have thought after all these years that the Spanish Government would have addressed all these issues. They’re certainly not helping the more honest agents in Spain, I can see a time when the old boom and bust days will return as well as the timeshare sales agents along the coast 👿 I really hoped mis-selling and non transparency were over with in Spain 🙄
May be worth checking Eye on Spain website as they have permanent links to individual topics 😉
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Logan is a good guy katy always posts relevant topics, very knowledgeable of the Spanish property market and things to watch out for. Hope he doesn’t leave now, impartial advice is necessary to potential buyers to make informed decisions 😉
I’d noticed an advert on here yesterday morning at the time a topic was locked, same subject too, but that disappeared an hour or so later, not sure what to think 😕 🙄 🙁
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