Overseas property investors in Britain are being advised to take advantage of the credit squeeze in Spain.
A spokesperson for Propertyinspain.net said that investors can pick and choose from "a nice steady supply" of repossessed houses coming on to the market
Although the mortgage market has "really tightened up" in Spain, banks lend on the value rather than the asking price, which gives enough spare equity for 100 per cent mortgages when buying cheap repossessed homes, he said.
Terry Walker remarked that the number of repossessions looks set to increase over the next 18 to 24 months.
"Obviously that depends on what happens to the euro or the interest rate," he stated, before adding that "certain parts" of Costa del Sol have had their own "local problems" in terms of planning irregularities.
According to Spanish Property, the average price of a Spanish property prices rose by 0.3 per cent in the third quarter of the year.
See Also: Property News (5994)
Date Published: 07 December 2007
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