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Spanish Property Market cleans up its act

from "UK Landlord" magazine, November 2007

Property owners who have been wary of investing in the Spanish market due to its reputation for corruption may be more reassured by the introduction of new legislation set to clean up the Spanish property industry.

The Spanish property market has been tainted in recent years by a series of public scandals concerning the legitimacy of planning permissions and suspected corruption surrounding the allocation of permits to build new homes. The main aim of the new law, known as Ley8/2007 de 28 Mayo de Suelo, is to create greater transparency in the planning system. For example, under the new legislation, public officials will be obliged to disclose any connections to the property industry, to a property developer or to a particular piece of land subject to the planning process. There are also provisions to encourage a more sustainable and controlled approach to urban land development, and to increase the public's rights to participate in planning decisions.

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