Buyers raise sights as spanish property prices fall

British and Scandinavian buyers, back to snap up Spanish property bargains, are raising their sights as they realise their budgets now enable to them to buy something bigger and better than they had hoped for...

At the peak of Spain’s Costa property boom in 2007 British buyers accounted for one in three property purchases, but stayed away when the recession swept in. This year they have returned in ever increasing numbers to check out the improved value for money deals on offer.

Spanish banks have cut prices on repossessions and key ready apartments on developments in default on constructions loans by up to 50% and sold off the best of the deals to savvy buyers who realised they could afford a 2-bed sea view apartment instead of a 1-bed in the back of beyond; or a villa with shared pool for the same price as a previous penthouse.

One bank, helped by generous mortgage deals, reports property sales have soared by 140% in the last 12 months, but may be left with lot of unsalable units at the bottom end of the market in poor locations.

Source: PropertyinSpain.net