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New wave of distressed property to enter Spanish market
07 November 2010 @ 18:30

Individuals looking to buy real estate in Spain could be about to benefit from a new wave of distressed property coming onto the market.

Banks in the country have revealed that they are looking to address the large amount of foreclosed assets which currently sit on their books.

Banesto Bank, for example, announced last week that it would be selling around 600 properties in the country at around half the market value.

The news is sure to be greeted pleasantly by investors, with the opportunity to pick up a bargain home.

Mark Wilkins, of Crest Group International, commented on the news: "In the US banks made this move at a much earlier stage and we're now seeing properties appearing on the market for 60 to 70 per cent less.

"The same thing will happen here. If a property has already come down by 15 to 20 per cent it will probably come down by another 15 to 20 per cent."

Source: Overseas Property and Investment News



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