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Spanish Property Insight!
With the pound above 1.20 against the euro, this is a good time to buy in Spain. ‘Now you have prices in coastal areas that are not difficult to find with a 50 per cent or more decline. With the best property, I think we are now in price stability and, with the euro getting cheaper compared to the pound, that will mean that it gets more interesting for British buyers.’The key, of course, is the ‘best’ property which should not be confused necessarily with the ‘cheapest’ property.
According to Adam Cornwell at Feltrim International, some banks in Spain are now offering 100 per cent or more mortgages. ‘Whilst Spanish mortgage lending is not expected to recover in 2012 due to high unemployment and limited bank funding, financial institutions have to optimise their balance sheets. To incentivise quality buyers they are prepared to offload these homes at rock bottom prices and with the highest mortgages. If a bank is prepared to lend all of the money, more than 100 per cent on a project that has fallen to 50 per cent of its value five years previously then it must have the confidence that the market has reached the bottom and that the properties will regain value in the not too distant future.’
IPW have available 2 bedroom apartments with sea views from €128,000 in Calahonda with 100% mortgage funding - EMAIL FOR DETAILS
IPW also has available in Costa Almeria 2 bedroom apartments from €59,500 with 90% Mortgages in place - EMAIL FOR DETAILS
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