Spanish property 'offering many foreclosed bargains'

Property in Spain is offering a wide range of foreclosed bargains in a way that can be compared to the US, it has been stated.

In a feature on the subject, the Wall Street Journal noted that tours are now being held of distressed property for sale to private investors, an idea that originated in the US.

This is one of a range of innovative ways sellers are looking to offload homes, which means there are many bargains to be had.

Organiser of one regular tour Africa Leon - who works for investment agency Circulo Financiero Internacional - advised: "The developers and banks are willing to sell at a huge discount, so just look it over and make an offer."

Earlier this month, official figures from the Spanish Housing Ministry showed that the average house price in the country was 8.3 per cent lower than a year before in the second quarter of 2009.

This compared with 6.8 per cent at the end of the first quarter.

 

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