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Friday, September 30, 2005


Of course, we knew it.
But it helps to have the notaries saying it in a report from the Observatory of Housing, an organisation set up by the central organisation of the notaries and the leading lawyers firm Garrigues: The greatest problem on the housing sector is the corruption.

The notaries know it. They are preparing deeds of sale every day, where only a part of the real sales price is declared. This is a machine for producing black money, a machine used by individual vendors, but also by some of the big property promoters.

Big property developers are tempting the town halls with additional tax income and many jobs when proposing a makro-urbanisation with x tousand houses and a golf course. And many mayors will jump at the possibility of improving the municipal financing. In some cases the black money has come out of the strong boxes to grease the palm of individual politicians.