Spanish Property Insight › Forums › Spanish Property Forums › Property Questions & Answers › Where are all the 70pc discounts and bargains from banks? › Re: Re: Where are all the 70pc discounts and bargains from banks
There was a case I heard of. A bank (let’s just say Caja spanish word for Sea) repossessed a whole urbanisation and sold the whole thing for 1 million euros. Less than a month later that guy sold it to another developer for 2 million. Now an estate agent has started advertising the place from scratch.
The problem is that people have already paid deposits on these as yet unfinished properties. This investor ‘friend of the bank manager?’ sold it on to another developer but what about all those people who had basically paid for the first phrase of building?? They have started a court case I believe against the first developer, the bank and the new developer who’s selling their properties to other people.
If this is becoming ‘the norm’ then the Spanish property market is still in the xxxxx ? Which investors wish to wade into such murky waters?