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Despite bank troubles, Spain is not likely to lose any of its appeal as the fourth biggest tourist destination in the world. In fact, if anything, a cheaper currency will boost holiday demand.
If you want to buy a holiday home in Spain, there hasn’t been a better time in years. Thanks to the massive amount of repossessions and subsequent selling off of bank-owned properties, it is not only possible to buy property at 50 percent or even 60 percent below peak prices, but you can get mortgages of up to 100 percent as well.
Murcia, in the country’s southeast, is the big story at the moment. This is because of two major new developments: a new international airport, which is due to open for operation this year, and the new Paramount theme park, which is currently under construction and due to open in 2014. The new theme park will be one of the biggest of its kind in Europe and the world. Murcia is also hot because there are extensive opportunities to buy bank-owned properties in the kind of deals laid out above.
When it comes to buying bank-owned property, the biggest problem tends to be time and knowledge. The best deals are first seen by the bank big wigs, and then passed down to members of staff, so it is only what’s left that ever makes it out onto the open market. Then, it often sells so fast through those on lists and in the know, that by the time you find a property you like, it is already sold.
This problem is being alleviated in Murcia by companies like Polaris World, which are actively involved in helping the banks to sell properties that have been repossessed from within their stocks.
You can find dozens of holiday homes for sale at 50 and 60 percent discounted prices and readily available finance of up to 100 percent on the Polaris World website polarisworld.info. According to the consensus of opinion, Spanish property prices have fallen by about 40 percent, so if you buy at a 50 or 60 percent discount, then you have a buffer against further falls.
Thanks to these deals, Spanish property, which had gotten too expensive for most, is now again accessible to the general public.
Liam Bailey is a U.K. freelance journalist, who follows the work of Spanish bank repossessions specialist BankReposessionSpain.com.
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