Spain’s so-called Bad Bank, real name Sareb, has launched a pre-summer campaign to try and offload 2,337 homes on the Spanish coast.
The campaign is called “Tu casa a toda costa” – a play on words in Spanish – in English it might work as “Your house at any cost” (coast). Geddit? All of the properties are bank repossessions, one way or another. People who have had their homes repossessed might see a different message in the play on words.
There are homes for sale in every province on the Mediterranean coast with the exception of Granada province in Andalusia (home to the Costa Tropical).
The biggest selection is in Valencia’s Castellon province, home to the Costa del Azahar, with around 740 properties included in the campaign. Next comes Almeria province (Costa Almeria) with around 29 homes for sale, then Alicante (Costa Blanca) with 280, and the Balearics with 250. Malaga province (Costa del Sol) has 150, and up in Catalonia, there are around 70 repos for sale in Barcelona city and province, but just 11 for sale in Girona province (Costa Brava). See the map below for the full stock by province (map courtesy of Fotocasa.es).
Sareb have created a website especially for this campaign, where you can search the portfolio by province and town. It’s not that easy to search if you don’t have a particular town in mind, and the only language is Spanish, which doesn’t make much sense when you consider how important foreign buyers are in coastal areas.
The site will be active until the 30th August, but you can be sure the best stuff will go long before then, if it hasn’t already. I haven’t had time to dig in and look at prices, so I can’t say if there are real bargains to be had.