Unperturbed by British investors protesting outside, Spanish minister claims property is safe to buy

05 May Unperturbed by British investors protesting outside, Spanish minister claims property is safe to buy

Unperturbed by British investors protesting outside, Spain’s development minister today explained to businessmen at the Spanish Embassy in London why now is the time to invest in Spain’s 700,000 unsold holiday homes.

The sales pitch reflects growing alarm in Spain at the huge stock of newly-built homes, the majority of which are on the coast and have been vacant since the country’s economic crisis began.

The briefing by Jose Blanco marks the first day of the Spanish Property Roadshow, which will tour Europe and Russia in a bid to offload the homes at discounted prices and kickstart Spain’s flailing economy.

“This is the ideal time to invest in Spanish real estate,” said Mr Blanco.

“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.”

(By Sean O’Hare, The Telegraph)