Coastal Construction in Spain
The coastal regions of Spain, especially those that border the Mediterranean, have in some part been saved from the worst effects of the property market crash in the country over the past few years.
The most popular areas with tourists are also those in which holiday rentals and second home sales are responsible for a great deal of foreign investment. The Costa del Sol and Costa Brava have seen values hold up and transaction volumes outpace much of the rest of the country in relative terms.
And now a law which has been passed by the Spanish government could pave the way for a new wave of construction that will prove even more attractive to overseas buyers.
The new measures, along with the new visa regulations, are part of a concerted effort to increase levels of investment from overseas, both in terms of major companies and hedge funds as well as private individuals.
Under the new laws the closest distance that a property can be constructed in relation to the coast will be reduced. At the moment there is a limit in place of 100 metres, but this will be reduced to 20.
Some local groups have already voiced concerns that this will lead to large areas of coastline being spoiled by new constructions right on the water’s edge.
To counter these claims, officials have confirmed that any new projects will be subject to extensive planning permission, for example "exceptional circumstances" may be required in order to build in many areas of natural beauty.
The current laws were brought in during the 1980s after construction levels that saw hotels, apartments and villas constructed beachside across the country in order to cater for tourist demand.
The changes are also designed to allow those who already own properties to make improvements.
If you need to send money now or in the near future to Spain, make sure to check the exchange rates available through specialist currency firms and compare them to those offered by the banks.