The Spanish Property Roadshow has officially kicked-off with Spanish minister Jose Blanco explaining to UK investors that now is the time to invest in Spanish property.
At the Spanish Embassy in London two separate events were occurring, one being the beginning of the Spanish Property Roadshow, and the other being the UK expats protesting the ongoing Spanish property dispute outside.
However Mr Blanco was unfazed by the protestors and proceeded to launch his property sales pitch to would-be investors: “This is the ideal time to invest in Spanish real estate. Prices have fallen in real terms by more than 20 per cent on average, even more in large coastal towns. The Spanish economy is beginning to show its first signs of recovery : in the fourth quarter of 2010 Spanish GDP increased 0.6 per cent year-on-year and the forecast for the coming months confirms this,” he said.
As evidenced by the Roadshow, Spain is making a big effort to renew interest in its now-infamous property market. In fact, Mr Blanco barely mentioned the property row, dismissing it as being blown out of proportion and representing just one percent of all the British expats currently residing in Spain. He also stated that the ‘few’ that had been affected would have their individual cases looked at and subsequently compensated.
However, this proverbial ‘brushing under the carpet’ technique has been slammed by the expats still embroiled in an arduous dispute over the legality of their homes. A member of the UK Independence Party said: “It’s inconceivable that anyone would want to invest in property in a country that has shown itself to be lawless when it comes to property rights.”