- May 8, 2009 at 12:23 pm #54974
This a well-known last-resort tactics to sell overpriced property. It has been used with very limited success in USA before the prices really started to fall.
The bus tours are a scam like any other…
From Mark’s article:
“Organised by Círculo Financiero Internacional, an investors’ club, the tour is free for members but cost 20 Euros for non-members. “The market is stagnating, and developers need to shift new homes that in some cases they have built and paid for, and in other cases are being repossessed, or belong to the banks,” explains the tour guide.
Other sources confirm that developers are offering substantial discounts on previous prices, which is not too say that prices won’t go lower still. Developers on the Costa del Sol are offering discounts of between 20% and 40%, but doing so discretely to avoid damaging the area’s “aura of exclusivity”, say Spanish real estate consultants Aguirre Newman
On the first tour a group of Spanish, German, and Russian bargain hunters were taken to see four new developments in Marbella, Estepona, and Benehavis, offering apartments and penthouses by the beach or on golf courses from 200,000 Euros.”
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