British and Scandinavian buyers, back to snap up Spanish property bargains

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.

Now private buyers have decided to bite the bullet and lower their prices to compete with the Spanish bank repossessions on price and with the added benefit of better condition, including furniture and appliances and excellent track records in the holiday rentals market.

Ben Walker, sales manager of specialists PropertyInSpain.Net said Spain is now a buyers' market “with an even greater choice and fantastic value in all the popular locations”.

Property values have come down by up to 50% in some cases during the last 3 years. So you will now get so much more for your money as purchasing power has become even greater, producing immediate equity growth potential and an excellent return on investment in the future.

There are even dream bargain refurb fincas in the unspoilt Mallorca countryside on offer priced from EUR 150,000 to a bank-owned house in the millionaires’ Majorca mountain hideaway of Deia Village at less than EUR 1 million – a saving of EUR 300,000 on the book price and no mortgage repayments to find for three years.

There are bay-view villas and apartments with 107% mortgages in Costa Calida next to the site of a rentals-generating EUR 1.5 billion Hollywood theme park and sea view apartments in Costa del Sol with 100% mortgages on the area’s most successful holiday rentals development.

Special online showcases listing the latest deals from banks, private sellers and troubled developers are generating 100s of inquiries, pre-approvals on mortgages and viewing requests every week.