I do not know about these developments personally. However, I agree the prices look attractive(i.e….very low).
But there MUST be a reason for this. I would be interested to hear what others think.
Before you go out and buy take a reality check. Google “Spanish Ghost Towns” and bear this in mind.
I am not saying the ones you are interested in fall into this category…but it might make you think deeper.
It’s cheap because the bean counters at Banco Sabadell have decided to dump this development (it’s already written off), but there’s little demand for this property in this area, unless it’s dirt cheap (maybe not even then). By the way, you are obliged to buy a parking space that is not included in the list price.
However, cheap is relative. I know of someone from mainland China who is buying a resale in Mahon (Menorca), 200m2, good quality interiors, nice views of the harbour, for roughly 650 €/sqm, which is about the same price in terms of €/sqm. Now that’s good value.
One reason is there is a bloody great dam holding back a reservoir within spitting distance and uphill from the development. Now I’m not saying the dam is risky but given the earthquakes and building quality in Spain would you risk it?
It’s also in the middle of nowhere.
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