Spanish property specialists are developing a new insurance product to protect UK investors against loss caused by 'land grabs' in Spain. They believe it is needed after a European Commission review failed to solve the issue.
The 'Ley Reguladora de la Astividad Urbanistica' law was originally designed to speed up property development, but developers have used the law to take land from people who own property in areas near proposed sites.
The specialists expect the insurance products to materialise by the end of 2006.
Our view
Land grab is only really a problem in the Valencia Province, as most of the other autonomous states do not have these problems. If it makes people more secure then Insurance is a good thing. The problem will still be that you have lost your land or be forced to contribute to installing services on land you no longer own.
We will await the product launch with interest.
is one of the few Financial Advisers that are authorised in the UK and has 'passported' its services into Spain under the EU Insurance Mediation Directive.
This means that people get the benefit of protected, regulated and insured advice even when in Spain rather than the debacle that is financial services in Spain.
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