Spanish property auction announced

Spanish property seekers may be able to pick up a bargain in Mallorca after an auction of both commercial and residential lots was announced.

Palma Property Auctions announced rep that it will be holding the sale on July 28th, when those looking for a low-priced piece of real estate may be able to find something that suits them.

The residential properties are varied in type, "ranging from apartments in the Old Town of Palma, to villas near the coast, all with reserve prices that would have been unthinkable 12 months ago," the company stated.

Such a situation may echo the possibilities that have emerged in the US, where distressed sale and foreclosed properties have often been auctioned, offering many bargains.

Spanish property bargains have become much easier to find of late, recent research has shown.

Money exchange firm Currency Index revealed that prices have come down by up to 30 per cent in the Costas, with the improving value of the pound against the euro and lower mortgage rates making buying there cheaper still.

Like this? Then share with your friends and colleagues!