- Posted February 28, 2014 by
Changing Property Sales Trends In Spain
Spain, loved by many for its all year round warm climate, is still struggling to pull through the economic crisis, as the European Commission still demands more cutbacks in order to get the national banks and savings banks funded again. Just to contradict that message, the President of Banco Santander "Emilio Botin" recently said in New York that money was literally pouring into Spain from all over the world... His surname actually means "Bounty":)
A local UK resident "Andrew Edgington reveals on his blog about El Campello that there are still 10s of thousands of new build properties to be sold at reduced prices throughout Spain, with the resale market being saturated with properties being sold at prices not seen for the last 10 years.
He goes on to say that what is actually stopping these properties being sold is the massive stock pile of repossessed properties now owned by the banks, who are only interested in granting mortgages to people for their own property stockpile, making it very difficult for people to sell their properties to any buyers requiring a mortgage. Because of the now desperate need for people to sell their property in order to avoid repossession, prices have dropped around 40% compared to asking prices just 3 years ago.
Property indicators are saying that this is without a doubt a cash buyers market, with purchasing a property to be viewed as a good long term investment, and many investors from the UK and other northern European countries have already began to see that buying a property in El Campello is also a way to make money though holiday lets. El Campello is ideally situated 15 minutes north of Alicante with about 330 sunny days a year, and only 2 weeks ago was still having temperatures of 25 - 30 degrees, and they still remain at 15 - 20 degrees through December.
Source Press Release: El Campello (Spain) - Current Property Sales Trends