Another article by Graham Norwood:
Corruption Smears Spanish Realty
‘If you talk to some property professionals in established markets in Europe, you would believe that East European or Middle Eastern countries are those with the least transparency and the most “closed” systems of international property purchase.
But Spain, a supposedly-established housing market that has been actively encouraging international buyers for five decades now, never fails to surprise with its unregulated and seemingly-uncaring property regime……If that scandal was the only one, few could criticise the country’s property establishment as a whole. Yet it is simply one of many.
……There are plenty of apologists for Spain’s governmental failure to tackle corruption in its property market.
……….There is some hope that the growing number of Spanish housing experts, think tanks and environmental groups complaining about rampant over-development and under-regulation are raising their voices.
The good news is that they will stop this happening again in the future. The bad news is that almost nothing can be done to remedy the current mess. For the individual buyers left in the middle, you can only feel sadness.’