Spanish property bargains. Or are they?24/11/2011
By Peter Lenga,
The Spanish property market has seen a major decline in house sale prices over the past four years. However, prospective buyers should still be very wary because bargains are often not as good as they appear. what About Bank Repossessions and Distressed sales
Spain embarked on a major building program to satisfy the demand for holiday homes in the early 90’s. Many of these properties were over priced, built in poor locations enjoying few or no amenities. The majority of these properties were financed by UK or Spanish banks, with potential rents being used to help repay the mortgage. It soon became apparent there were more holiday lets available, than customers requiring them.
In recent years the demand for this type of property within the rental market has fallen dramatically, in favour of those properties in more desirable areas. Consequently many of these homes are empty, repossessed, or previously sold at a loss by the owner. This is a result of the massive fall in the Spanish property market.
With asking prices for properties in Spain now some 30%+ lower than in 2007, buyers are returning to the market in search of repossessed and cheap property bargains Although there are some superb Spanish properties for sale at attractive prices, the majority of properties are on developments that should be avoided. The rules are still the same – If it’s too good to be true, it probably is !
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