Development of Spanish property continues to grow
Spanish Property Investment Advice
Brought to you each week by our property expert, Iain Maitland.
Posted on 17 February 2006
There is one heck of a lot of development coming through the pipeline soon. Both
Almeria and Murcia have been planning to reclassify rural land for development to allow for 500,000 new properties and 25 new golf courses to be built.
According to newspaper reports today, 148,000 new properties are being planned for Cuevas de Almanzora in Almeria. That has a current population of some 11,000. 600,000 new properties are being planned over the next decade in Malaga, with the vast majority on the coast.
A 472 acre holiday home development and golf course is being planed on the Costa Azahar. There are a further 21 new golf developments in the pipeline for the region.
As a former A Level Economics teacher, I am a strong believer in supply and demand driving the market. That smacks of an oversupply scenario. Yet other stats coming in this week suggest demand is rising.
There were 800,000 new home starts last year to meet the growing demand for second homes. It is estimated that spending on Spanish holiday homes will double from approximately 25 billion euro in 2005 to 45 billion euro by 2010. Bottom line? Onwards and upwards!
Until next week,
Warmest Wishes
Iain Maitland
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