actually its down to laws.
There are developers that want to convert their stock to vpos but currently cannot due to the rules in place.
I don’t see a problem then – the Spanish are great at introducing new laws (and applying them retrospectively…).
Am sure they can come up with some new rules at the blink of an eye – they always do when it suits them. Am sure the penny will drop when they realise it is in their interest to use up some of the empty stock on VPO’s and change the ‘rules required’ accordingly.