Monday, February 16, 2009

Barcelona organizing low cost property fair

Low cost property fair will be organized in Barcelona, Spain where price reductions of a minimum 30% will be on offer to purchasers, according to reports.

The Salón de las Oportunidades Inmobiliarias will be held in Barcelona between June 12 and 14 to reactivate the market as Property resale deals fell in the Barcelona area by 40% last year. Entry cost will be five € and the property purchasers will be given documentary proof by the exhibitors that they have made a reduction in their price of at least 30% to be present at the property fair.

According to the Times, the average sales prices are down by ten per cent this year and developers are accepting offers of up to 20 per cent below asking price. Alex Vaughan,
Director of the Lucas Fox estate agency told the newspaper that property purchasers can buy things considerably cheaper if they get to know the market a bit.

He commented: "There are opportunities all over the city." He advised that now was a good time to look at pricier areas, saying that there is a "fantastic opportunity" to buy in good areas for bargain prices.

Meanwhile, Statistics reveal that more than a quarter of people who visited Spain last year went to Catalonia. According to official figures, nearly 59.2 million foreign leisure travelers arrived in Spain last year and the Catalonia region - which includes major cities such as Barcelona - attracted more than 15.2 million of these people.