More coastal property in Spain becomes available
An amendment to a Spanish law means more people may be purchasing coastal property in Spain
, reports a source.
The Ley de Costas, or Coastal Law, has been altered to allow homes built on beach areas to be bought and sold again, typicallyspanish.com reveals.
Originally, coastal property was deemed to be public up to the point where the sea touches the land, which included constructions affected by high tides and storms, says the website.
Passed in 1988, the law affected many people owning beachside property in Spain and was controversial with a number of international embassies.
According to the property cite now means that around 45,000 coastal properties in Spain can be bought and sold, provided they were built before 1988.
Commercial rental costs in the country are also set to fall, with 90 per cent of new office space still available to let, Reuters reports.