Sonya Dowsett
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/ 9 May 2007

A place in the Spanish sun just got cheaper

Prices for holiday homes are falling in Spain as a glut of new developments, corruption scandals and land-grab laws make foreign buyers think twice about one of Europe’s most popular vacation destinations. A construction bonanza, driven by cheap credit, saw house prices more than double in seven years and helped Spain build as many new homes each year as France, Germany and Italy combined.