Distressed property bus tours for bargain hunters on the Costa del Sol
An investors’ club has started organising bus tours for bargain hunters looking for distressed property on the Costa del Sol, according to a recent article in the Spanish daily El Pais. On offer are luxury properties on new developments with discounts of up to 50%. “We are going to see real bargains,” participants in the [...]
Rental prices falling in Barcelona
Good news for some people looking to rent a home in Barcelona, and bad news for landlords already nursing capital losses. Rental prices are falling sharply in Barcelona, reveals a new study by local real estate consultants Forcadell. Average monthly rental costs for a typical 75m2 flat has fallen below 1,000 Euros/month, for the first [...]
British bureaucrats buying homes in Spain give Costa Blanca market a lift
“The developers of Alicante are starting to see the light at the end of the tunnel,” says Jesualdo Ros, head of the Alicante developers’ association Provia, quoted in the Spanish news website La Verdad. According to Provia sales improved substantially in March and April, with demand led by British public-sector workers.
Banks to reduce debt-for-property swaps with developers
Yesterday I reported that developers are having to drop their prices to compete with banks selling repossessions with preferential mortgage terms; now I read, in the Spanish daily El Pais, that the banks can’t cope with any more property, and have privately warned developers they won’t be swapping any more debt for properties.
Mallorca apartment with stunning sea views, asking price down
A 3-bed apartment in South West Mallorca with spectacular sea views across the bay of Santa Ponsa. Excellent condition and asking price reduced by more than 30% from €650,000 to €450,000. A great opportunity that won’t hang around now that the market is picking up. For more information go to Engel & Völkers
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