Building freeze chills market

Chairman of the Balearic Association of Property Promoters, Juan Matemalas, said yesterday that the steps being taken by the local authorities to restrict urban development are confusing the real estate sector. “We don't know what's going to happen next,” he said. Matemalas said that growth in the real estate sector is close to zero and accused authorities of failing to consider the social and economic impact of introducing building restrictions and freezes. He said that the property sector put forward its own ideas of how to slow down urban development “but they were ignored.”