The recent announcement of a "bad bank" to absorb unsold properties from the banks in Spain is likely to lead to increased prices for buyers in the short term. As part of the terms for an EU bailout the Spanish government hastily released a plan to buy back unsold properties from the banks. However government interference in the property market on such a scale will reduce competition and choice. This could bring an end to the bonanza of giveaway property deals from the Spanish banks offered through specialist international agents such as Villa Cashback.
Murcia, Spain (PRWEB) September 09, 2012 In the last two years the banks in Spain have built up an efficient system of selling properties through international agent such as Villa Cashback who specialise in the Polaris World resorts in Murcia. In many areas in Spain the banks represent over 90% of the property market selling at prices that resellers or developers simply can’t afford to drop to.
The Spanish property market has undergone a lot of turmoil recently, with many British home buyers looking to invest in property abroad, no longer interested in Spain.
However, with over 700,000 empty new homes in the country, and property remaining unsold for a few years, this is actually an opportunity for investors. However, many buyers are currently hesitant, knowing of or hearing about problems regarding property in Spain during the past decade, especially during the 2007 housing market downturn.