Spanish bank property bargains23/08/2012
Spain may be in the headlines over its struggling banks and the Euro crisis, but property sales appear to be growing as buy to let investors confirm big discounts and 100% mortgage offers on a wide range of Costa apartments and villas.
With prices in some areas an average of 44% down from their peak 2007 level and the turning point for the country’s decade property boom, a new influx of buyers from Scandinavia and Northern Europe are seizing the opportunity to grab bank-owned bargains and the generous mortgages that go with them.
They realise Spain may be in the dumps financially, but the tourists just keep on coming and more of them are renting apartments and villas in seaside and golf resorts. Recent buy to let investors have seen yields in excess of 5.5% in Costa del Sol and upcoming Costa Calida.
The best deals are key ready villas and apartments, some with sea or golf views, which come with mortgages ranging from 90% to 110% loan to value. These and hundreds more Spanish bank offers are available on specialist broker site, PropertyInSpain.Net
There are key ready 3-bed detached golf-side villas with private swimming pool at prices from EUR 263,000 with mortgages of up to 110% subject to status at the completed El Valle Golf Resort, now owned by a several banks who funded developer Polaris World and swopped equity for outstanding loans. Prices are around 50% lower than original price list.
Further south in Costa Almeria is sea view Vera Playa where there are 2-bed pueblo-style apartments with 90% mortgage and 50% discounts and prices from EUR 74,000. They are snapped up by bargain hunters from rain belt Europe keen to enjoy the Spanish sunshine and nearby mountain and desert landscape.
Sales manager of PropertyInSpain.Net, Ben Walker said: “Costa Calida is the current hotspot for bank bargains and Ibiza is a big attraction because of a new realism in prices from developers and private owners. Whatever happens to the Euro is not going to affect the real estate market in the long-term and most of our registered buyers fully realise this.”
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