UN warns of 'uncontrolled building speculation'

1st December 2006, Comments 0 comments

1 December 2006, MADRID — The United Nations warned Spain on Friday about 'uncontrolled building speculation' and said the government should stop subsiding this with public money.

1 December 2006

MADRID — The United Nations warned Spain on Friday about 'uncontrolled building speculation' and said the government should stop subsiding this with public money.

Miloon Kothari, UN special envoy on housing, was highly critical of the state of the Spanish housing market.

He said the subsidies for buying a home meant public money was effectively being used to support the promoters.

Kothari also said more should be done to promote the rental market and supported the government's amendments to the new Land Law which are designed to stop housing corruption.

The amendments have been condemned by many different nationalist regional parties eager to retain control over the local housing market and who resist controls from Madrid.

[Copyright EFE with Expatica]

Subject: Spanish news

 

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