Thursday, May 27, 2010

Distressed sellers off-loading property for bargain prices

Property experts have warned that real estate investors could be missing out on Bargain on Spanish properties if they choose to wait as there are plenty of bargains to be found in Spain.

Steve Reid, retail director at Clydesdale Bank said that now could be a good time to take advantage of discounts in the Spanish property market. "With prices in Spain coming down so much there are potential bargains to be had for those looking to buy," he explained. Recently, Clydesdale and Yorkshire Banks launched a new service for individuals looking to buy property in the country.

According to told Homes Worldwide, Estate agent Peter Pickett said that oversees investors are in danger of missing out by "sitting on the fence" and waiting for Spanish property prices to drop further, when market conditions are already encouraging. He explained that bargain prices in Spain could potentially offset falling prices in the domestic housing market for Brits.

Mr. Pickett commented: "For those clients who are cash buyers the present market could not be rosier, with many really good bargains now available. Certainly the next six months should be full of good deals in the Spanish property market."

Meanwhile, Jamie Liddell, property expert with Homes Overseas Magazine said it will soon be "the perfect time to pick up a bargain" as the market settles following its correction as the downturn could yield lucrative long-term investment opportunities for new buyers.

Explaining the reasoning behind the buyers' market, he said: "As the bottom falls out of the market, distressed sellers off-load property for a lot less than they paid for it."

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