San Pedro del Pinatar, Spain, March 12, 2011 --(PR.com
)-- 4 You Media Ltd run a number of real estate sites dedicated to the Spanish property market, http://www.mmespain.com and http://www.property-spanish.com have recently added over 900 new Bank Repossessed properties on their website at http://www.property-spanish.com/bank_repossessions/ with prices starting from an incredible €8,000 (£6,800, $11,000).
"These properties offer fantastic value for money for anyone looking for repossessed houses for sale in the current market," said Mike Price, sales director at www.property-spanish.com. "The banks are very keen to move these properties off their books and all prices are negotiable."
Due to the collapse of Spain's construction industry in 2008, many developers defaulted on loans which left the banks no option but to swap the debt for the assets, which left the banks with thousands of new properties, many unsold or unfinished.
Many banks have now become real estate agents, but with few resources or knowledge of selling to foreign markets they are using agents such as www.property-spanish.com to assist in selling bank repossessed properties to overseas property buyers.
"The banks are offering some great incentives to clients to take these properties off their hands, with offers of mortgages up to 90%, 3 year payment holidays, rent to buy options, in fact anything they can do just clear the decks", said Danny Blunston of www.mmespain.com.
It is estimated it will take another 6 years just to clear the backlog of unsold property in Spain, so it looks like these offers on bank properties may be around for some time, which is good news for anyone looking to buy a Spanish property in the nest few years, but bad news for the private vendor who is trying to sell their Spanish property, when they can't compete against the prices offered by banks or by the incentives available to Spanish property buyers who buy direct from a bank.
"We have property with a sea view from €49,995 at http://www.property-spanish.com/location/sea_view/” said Mr Price, "even front line beach property from €100,000 in Alicante, you wouldn't get anything like that in the Costa del Sol for less than €400,000."
"Murcia and Alicante definitely offer the best value for money in the Spanish property market at the moment" he continued. "If you compare prices with the Costa del Sol then you will get 2 or 3 times the property in Murcia than you will in Malaga for the same price."
Whilst the market for repossessed property in Spain remains buoyant, buyer’s expectations do require a little adjustment. "Everyone wants a beach front line 4 bedroom villa with a swimming pool and a large garden and all for €100,000, which isn't going to happen. If you a realistic with your budget and the type of property you expect for that money then you can grab yourself a bargain, but don't expect to get something for nothing, everything has a price, and in many cases you get what you pay for."
The big question is due to the glut of property available will the banks be forced to drop their prices further still. One thing is certain, though: British buyers have never been so much in demand in Spain. Don't just take it from the banks, take it from the Spanish housing secretary, Beatriz Corredor, who only last month labelled British buyers "our highest priority" and "those about whom we are most concerned".