New Spanish property could be picked up for bargain prices as sellers look to cut losses, a leading agent has said.
Gerard Rees is director of Mercers at the firm’s Mazarron office, Murcia, and revealed some vendors were “highly motivated” to sell.
He also said the local property market was readjusting and that sales were currently brisk as buyers have begun to return, tempted by dramatic reductions in homes prices.
The company has off-plan and newly built homes on the books, and pointed to some extremely cheap properties including a new two-bed villa at Mazarron going for just 65,000 Euros ($64,992).
Mr Rees said: “We’re certain those who pick up deals now will be well placed to make a significant return on their investment over the next two to three years.”
The Spanish property market has suffered in line with many other western European sectors, and has seen a fall off in the number British buyers looking for homes after a drop in the value of the pound.
According to Mr Rees, financial and personal reasons meant some owners were now prepared to dramatically reduce the asking price of their Spanish property.
Off plan homes on sale through Mercers include a villa at 215,800 Euros ($271,125) at Sierra Golf, Balsicas, Murcia, on a plot of around 290 sq m.
Last week Eloy Bohua, of SIMA, which is planning the upcoming Madrid International Real Estate Exhibition , said “unique opportunities” may be available to people searching for homes during the current downturn.
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