40% off 2-bed townhouses on the Costa Calida - now €110,000
Are Spanish repossessions only to be found at auction or direct from a bank?
Typically, what kind of savings are available from repossessed properties in Spain?
Spanish banks and building societies now carry huge stocks of distressed and repossessed properties. But, while there are genuine Spanish property bargains available via the banks, most are never advertised or made available to the general public. things are changing
A network of insiders
Some Spanish banks make the best repossessed properties available first to their own employees and, by extension, their friends and families.
Given that the four largest Spanish banks employ over 400,000 people worldwide, it's easy to see how the most attractive repossessed Spanish properties are snapped-up by a network of 'people in the know' - long before the left-overs are made available to the general public. things are changing
Not always cheap
Additionally, in the past when the banks were happy to lend in excess of 100% of the market value of a property, many of today's repossessed Spanish properties were originally over-valued. This means that even when offered for sale to clear the debt, such repossessed Spanish properties are still over-priced. Just because a property is for sale at debt value, or direct from the bank does not automatically make the property a bargain or good value. things are changing
Property auctions
Many buyers assume that the surest way to find a repossessed Spanish property is via a property auction. However, only a tiny fraction of desirable properties find their way through to the auction process. This means that much prime property stock remains hidden from the majority of buyers. Even when a property is presented for auction, it will often be saddled with an unrealistic reserve price. things are changing
The truth is that the vast majority of repossessed Spanish properties, including those marketed as distressed or available at auction simply do not represent a genuine bargain, nor a substantial discount below current market value.
Things are changing
Now, because of the large stock of unsold Spanish properties, things are finally changing.
Builders and developers are having to take a different approach to sell the stock of properties. A few of the larger and more well-established developers are making selected key-ready properties available to the general public at discounts of up to 50%.
These properties are not distressed, repossessed or off-plan developments. They are new, fully finished, fully legal and ready to move in to. In most cases they come complete with the builders' 10-year government-backed guarantee.
HomeEspaña have forged strategic relationships with well-known and reliable builders and developers. They have whittled down the vast stock of available properties to only those which are:
- Fully completed with all licences in place
- In superb locations
- Finished to a high standard
- For sale at least 40% off peak prices
HomeEspaña have a new key-ready property available today to suit your budget and specification. Simply complete the form below and they will contact you to understand your requirements, and present the very best available properties.
It's simple. Contact HomeEspaña today, and let them take the hard work out of finding you a genuine Spanish property bargain.
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Is any property below €50,000 a cheap Spanish property? Are cheap Spanish properties only to be found at auction or as bank repossessions? How much below market value does a Spanish property need to be to be considered cheap?
Continue reading: What IS cheap Spanish property?
