Investors urged to take advantage of discounted Spanish property

Investors wanting to find a home in Murcia or elsewhere in Spain should take advantage of the bargains currently on offer, according to one commentator.

Writing for Helium, financial commentator Katerina Nikolas said that the Spanish property market is full of repossessed and distressed properties which can be picked up at a low price.

"Sales of distressed properties are on the rise and these represent good buys. Often the owners are stalling the banks from foreclosing and are prepared to sell at a loss rather than lose out completely. Many properties were purchased in the boom years and sit with negative equity which means that advertised prices by agents are probably open to much more downward negotiation," she added.

Ms Nikolas advised anyone looking for property in Spain to research the areas they are looking at well and avoid any black spots which have been subject to compulsory purchase orders or demolition threats.

Last month, Mark Stucklin, a real estate industry expert, told the New York Times that Spanish property prices are currently at their lowest level of the recession.
 

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