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Monday, December 12, 2005

Bubble that burst

For some time, Spanish newspapers have been filled with the good news that the British government wanted to give retired fiscal incentives to buy dwellings, also abroad. The promoters had calculated how many sales of houses to Brits this would mean for Spain. One of the calculations was that only on the Costa Blanca would be sold 30.000 additional dwellings.

Now the bubble has burst, as so many other bubbles tend to do. The British government has scrapped the proposal, and gloom is spreading among promoters and sales agents.

Now, the property sector has to go the hard way, with their own efforts convince the buyers from Great Britan and other countries that Spain is still a good place to buy a first or a second home.