Bank repossessions on the Costa del Sol

Due to the general worldwide economic downturn and the crash in the Spanish property market, the number of  properties on Spain’s Costa del Sol being repossessed by banks is growing virtually on a daily basis.

Now's the time to buy a bank repossession on the Costa del Sol

The reasons for these bank repossessions are varied and encompass everything from property promoters going bust and developers collapsing, to over building, off-plan purchasers suddenly finding themselves without sufficient funds to complete and private individuals unable to make their mortgage repayments.

Whatever the reasons, although it might seem opportunistic to take advantage of the misfortune of others, it’s great news for those with the ready means to buy property in Spain right now.

That’s because as the banks seek to offload their repossessed properties as quickly as possible, jumping on a plane and flying down to Málaga to snap up a Costa del Sol property bargain is more possible than at any time in the recent past.

And I can tell you now without any fear of contradiction, at the moment the Costa del Sol property market is  a true “buyer’s market” in every sense.

More so if you have cash and are willing to make a purchase quickly.

Although the quality of the repossessed properties on offer may perhaps vary, there is such an incredible variety of different types of property to choose from – everything from palatial private villas, front line golf and beachfront penthouses and apartments to entire developments are being put on the market by banks at knock down prices.

But this isn’t the first time these kinds of property opportunities have arisen on the Costa del Sol. Far from it.The recession of the early 1990’s saw a large number of Brits and other Northern European buyers snapping up many a Costa bank repossession that they subsequently sold on in the recent boom for many, many times the original purchase price.

As any economist or professional property speculator will tell you, boom and bust periods are cyclical. Prices may be down now, but inevitably, they will rise again.

Now is very definitely the time to act.

But finding and, more significantly, negotiating to buy a bank repossessed property in Spain is not quite as straightforward as you might think, especially for the uninitiated.

You’ll almost certainly need the guidance of professionals that have the local knowledge, expertise and more significantly, established working relationships with the banks to help youfirst find the kind of property to suit you in the right area, then buy it at the most favourable price.

And that’s where I can help.

I have over ten year’s experience dealing with the purchase and sale of all types of properties the length and breadth of the Costa del Sol and in inland areas of Andalucia too.

Unlike many ‘fly by night’ real estate agents that made a quick buck during the property boom, only to disappear when the going got tough, my company is still here and still providing people with advice and still helping them buy their ideal property in what is still one of the best places on earth in which to live.

More importantly for you, I have close working relationships with all the major banks currently offering repossessed property for sale in this area.

If you’d like to speak to me in English personally about the options open to you buying a bank repossessed property, please do call me on either of the following numbers:

00 34 952 80 18 71
00 34 676 42 32 20

Alternatively, you can send me an email at Info@Inmo-Andalucia.com

I very much look forward to hearing from you.

Jesús

Posted in Costa del Sol Property News, Discounted property opportunities on 04-03-2010