Tim Worstall

Of all of the various housing markets in Europe it’s those in Spain and Ireland which seem the most overblown, the most bubble like and the most likely to slump. Fortunately (for some at least), the Spanish seem to be doing something about it.

Thousands of properties could be confiscated and ultimately demolished in the latest drive by the Spanish government to protect the nation’s coastline, it has been claimed.

That they’re applying a 1988 law retroactively to housing built in the 1970s may seem a little harsh,but hey, no omlettes without breaking eggs, eh?