Spain News
09 Jul 2009
Costa bargains
Bargain hunters are returning to the Spanish market as news emerges that thousands of illegally built homes will not be demolished.
Steep price falls and bumper discounts on some new-build homes, as well as the gradual strengthening of sterling, are also increasing the country's attractiveness to cash-rich British investors.
Foreign exchange companies have noticed a significant upturn. The number of its UK-based clients buying euros to purchase European homes has risen sharply over the past few weeks, with a 20 per cent increase in the number of its clients exchanging more than £200,000 into euros.
The regional government, is due to make a final decision on the homes later this year but is expected to announce that it will not knock down the majority of the estimated 18,000 properties without proper building licences in Marbella and other parts of the Costa del Sol. These flats or villas were built with bogus licences after corrupt council officials and councillors took bribes from some developers to by-pass planning laws.