Friday, October 1, 2010

Distressed properties offer best bargains in Spain

Those looking to buy properties in Spain pick up many bargains due to the economic climate, it has been stated.

According to data from the Royal Institution of Chartered Surveyors (RIC’s), 13 out of the 25 countries surveyed reported distressed sales which include Spain. The report stated that distress sales in the market are increasing at a faster pace than last quarter and greater number of distressed properties could become available in the coming months as the interest rates on many people's mortgages are set to rise.

Repossession orders in the nation already jumped to 27,621 in the first quarter. Local Property experts have suggested that people look for distressed properties in Spain as they can often pick up a bargain property for a low price.

Mark O'Sullivan, Director of trading at money Exchange Company Currencies Direct said that Clients that are buying through us are cash buyers. They are the EUR 100,000 - EUR300,000 (GBP87,000 - GBP260,000) plus buyers. This group is well able to pick up bargains in Spain, he noted, with there being a wide availability of distressed property, enabling buyers to "drive whatever bargain you like".

He noted that the number of buyers is rising, which he said is a common feature of the summer months.

In related news, buying distressed properties is the best way to get a good deal when looking to buy properties in Balearics, according to a recent article in the Daily Telegraph. Both Menorca and Mallorca remain popular with property buyers due to the high demand for summer rentals and the ease of access from the UK.

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