Examines the development of the Spanish non‐residential property market over the last 20 years and in particular since the Boyer reform of 1985. Explores the legal framework of property interests to demonstrate that the legal prerequisites of a mature market form are now in place. Places legal change in the context of economic pressures for the creation of a modern property investment market. Considers the professional support for transacting property and the nature of the urban planning regime as factors which constrain and mould property market activity, but which may ultimately be transformed by it. Presents market data which show that the Spanish market has experienced one turn of the property cycle in its modern form. Demonstrates that it has proved highly susceptible to extremes of under‐ and over‐supply, arguably owing to the combined influence of an extremely open market and underdeveloped information provision.
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