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Thursday, November 24, 2005

Buying the streets

The promoters in Spain have earned much money over the last years. So much that they are now buying almost any land that may become building plots. The rush to buy is sometimes creating incredible situations:

A property company in Pilar de Horadada (Alicante) bought on a public auction 127.000 m2 land within the urbanisation "Pinar de Campoverde" for 640.00 Euro, that was inscribed in the property register as agricultural (finca rustica). The land was registered in the name of the company "Caja Territorial de Madrid S.A." that had gone broke and left much debts.

When the promoters took the time to find out where the land they had bought was situated on the urbanisation, it become clear that they had bought the streets of the development, that "Caja de Madrid" had ceded to the town hall several years ago, without this being reflected in the property register.