Spanish property bust hits Brits looking for dolce vita.

I have been reading about the Spanish property bust hitting Brits looking for the
dolce vita (I know it is an Italian phrase). They have been hit by the pound falling against the euro, rising interest rates, illegal building practices and overbuilding.
The Brits have found their main market of selling to other Brits has fallen. The Costa developers have been running on high octane fuel during the last few years.
In the good times there has never been much of a second hand market in the coastal regions since it was quite easy to build new properties.
I saw a mate of mine who lives in Tenerife and he was telling me how cheap his water bills were. I said this situation was unsustainable. Higher water bills are needed to conserve water and I suppose the Sotogrande complex will be
rich enough to water its golf courses. However, I will doubt this will be true
for the rest of the south. I am surprised that the water shortage has not been priced in with the cost of houses and flats.
www.searchaccountant.co.uk
Unfortunately, a lot of people in Spain have been gorging themselves making money from unsuspecting Brits. They have been sold properties without proper planning permission. Then, you have regional governments such as Valencia changing the planning rules retrospectively by getting property owners to pay for infrastructure projects such as roads.
Quite a bit of residential property could be pulled down due to the Coastal Law (Ley de Costas), which is also going to affect quite a few
Spaniards.
www.searchco.co.uk