Changes to Spanish Real Estate Law

Changes to Spanish Real Estate Law
In an attempt to slow down real estate speculation and to provide more affordable housing, Spain has changed their basic real estate law which is the Spanish Land Act. The changes to the law are in 3 main areas: valuation, protected status, and Infrastructure.
The valuation change is that property must now be appraised based on its current classification, rather than its potential use. The classifications are rural protected or non-protected or urban. Urban is classified in categories of : “supported by infrastructure” or “consolidated urban land”. Consolidated urban land has infrastructure that is legally integrated into the local system.
Protected housing must constitute 30% of all new development. This property Is what we would probably call “rent controlled” or “price controlled”. The right to develop infrastructure was formerly a private property right belonging to the owner. This right now will be subject to public administration and supervision.David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com