Independent property expert highlights Spain as real estate hotspot
The UK’s leading property lifestyle magazine A Place in the Sun has once again highlighted Spain as a great opportunity for real estate investors right now, reveals experts in Marbella property La Concha Living (http://www.laconchaliving.com/). According to managing editor Andy Bridge, many financial institutions in Spain are keen to sell real estate to new buyers with cash available when previous owners have defaulted.
Spanish banks are repossessing more and more properties all over Spain, including some Marbella properties. Some ex-patriates have struggled to make mortgage payments in the recent downturn, while some have found it easier to default on the mortgage entirely, handing the keys back to the bank and returning to their home country.
Although Marbella is very much a micro-economy and not affected by problems such as massive over supply as seen in towns on the Costa Brava, for instance, bank repossessions do still occur on some Marbella apartments and villas. The average owner of property in Marbella may be wealthier than in some other Spanish towns, but there are still some owners that have defaulted on their mortgages and the banks now have these properties weighing heavy on their profit and loss statements. They are keen to sell these properties to cash buyers and get them off their books.
All of which makes for some unprecedented bargain opportunities for international real estate investors. According to A Place in the Sun’s Andy Bridge “there are a lot of great properties for sale at prices lower than we’ve seen for ten to 15 years”.
If you are a real estate investor or private buyer looking for bargain Marbella property then view the latest listings at http://www.laconchaliving.com/.
Processing your request, Please wait....
