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Agents in Spain to be regulated - 11 July 2007

In a move that many people will see as long overdue, Spain’s housing minister has announced plans to regulate the property market in Spain. This will go a long way to increasing market confidence in Spain, which has taken a battering in recent years and months in the face of government and planning scandals.

While many agents will point to the local governments as not exactly being paragons of virtue in the past, it is clear that there is a real need for the property market for overseas buyers to be shored up, and cleaned up.

The regulations are as yet quite vague, and there has been no date set for the introduction of the laws, or even an indication of how they will be implemented, though this is expected to be before the end of the present parliament in 2008.

Justifying the plans, the housing minister, Maria Antonia Trujillo, recently said, “You need more qualifications to sell a lettuce in Spain than a property, and that won’t do.”

The new regulations are expected to feature minimum qualifications, professional registration, indemnity cover and a public office for each company. People with a criminal record are also expected to be barred from the business.

 

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