posted on Jul, 18 2015 @ 04:45 PM
Spain is an easy one to explain. Originally, there was a strong economy going with British retirees leaving the UK and retiring to Spain. They'd buy
property as a retirement investment and take advantage of the low cost of living. There was always the hazard of investing in timeshare properties
which wouldn't be built until they had a whole load of investors. Owning a property built without planning permission was another risk.
But if you did buy a property with planning permission and supervised construction yourself, you'd could live happily. But then other property
developers had a brilliant idea - get existing residents to pay for the connection of new developments through property taxes. The developers could
build new properties and have someone else pay for road construction, sewers, power and telephone lines. They could then concentrate on building
The property market collapsed. No-one had the security that a shanty-town wouldn't be built right next to their home, and they'd have to pay for it.