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What caused the property boom in Spain?

Typical Spanish propertyAccording to local Costa del Sol newspaper, Euro Weekly News, the Spanish Institute of Family Policy has recently stated that the number of households in Spain has increased by 50 per cent since 1991, whilst the average number of family members has dropped from 2.6 to 2.3 (-11.5 per cent) during the same period.

Historically in Spain, many children lived with their parents until they married and many even for some time after that. The country also has a very strong tradition of home ownership, with residential tenancy being rare, principally due to laws biased very much in favour of the tenant, thus discouraging investment ownership of residential property. Continue reading