Distressed Spanish Property sales currently represent the better value than Spanish bank repossessions due to bank fees claims a firm of Spanish property experts. Nick Stuart managing director of Spanish Hot Propertiessaid:
“A good example of this is Los Arqueros Golf where recent bank repossession came in at €310,000. We could buy a brand new unit for our clients for under €200,000, because the developer discounted their remaining units. However: A good example of a distressed sale is a recent Villa in Sotogrande valued at 3.4m that could now be bought for 1.7m because the owner needs to sell before the bank repossess the property at which point the villa will have all the additional costs” added explained Nick
There are very good distressed sales in Spain but the real value is in Costa del Sol with price reductions of between 25-40%, caused by huge oversupply. If you’re looking for low density relaxed areas such as Nerja you will struggle to find the same value, although there are distressed sales around, but nothing like the Costa Del Sol.
Spanish Hot Properties currently have some excellent value distressed sales properties on the Costa del Sol close to the beach with Villas as low as €340,000 Euros and apartments starting as low as €135,000 Euros. “Value on the Costa del Sol has never been better with agents from other parts of Spain bringing there investor clients down here to buy. My personal view is if the sterling exchange rate was higher we would see a huge increase in completed sales. Our enquiry level has shot up by an amazing 1000% in the last two weeks from property buyers and Investors alike” commented Nick
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