With Spanish bank-owned key ready apartments on San Roque Golf Resort, one of Spain’s finest, prices discounted 84%, down from €934,000 to an affordable €170,000 and reports of two development sell-outs in one week… it may the long awaited signal that the market is bouncing back?
The 84% discount for 3-bed, 2-bath apartments at San Roque, where the next door Golf Valley neighbour is the Ryder Cup course of Valderrama, appears to be the biggest recorded in the country and marks the new-found determination of Spanish banks to clear of their books of distressed properties in a series of summer 2013 sales.
Average peak to present prices are down an average of 44%, a big enough discount to tempt 1,000s of buyers in the last year, but this week those that hesitated have lost out on developments in Costa Calida and Costa del Sol. Bank-owned bargains on beach and golf developments have sold out after being on offer for only 21 days. Average discount was 60% and average price was €45,000.
ADVICE FOR INTERNATIONAL BUYERS
- Check visa requirement and obtain from local Spanish Consulate
- Organise legally required NIE number before travelling to Spain
- Get pre-approved for mortgage and view that bank’s best deals first
- Take all required mortgage documents to Spain to avoid purchase delays
- Book the banks’ property Fly to Buy service and benchmark properties
- Submit a serious offer on chosen property with pre-approval mortgage in place
- Get waitlisted for favourite properties and be ready to fly to secure cancellations.
Walker Property Spain, international brokers for Spain’s leading banking groups, have build up wait-lists in some areas and warned 1,000s of registered buyers to “Prepare to Buy” by having NIE numbers and other legally required paperwork in place, including a pre-approval on mortgage, before travelling to view property in Spain.
Sales manager, Ben Walker said: “Buyer are missing out on their selected properties to others who have paperwork and funding in place. We can advise on the right offer needed to secure the property and get an answer from the bank within days – the same period as it takes unprepared buyers to obtain their NIE numbers and find a mortgage by going into local branches.
“The market is returning to the activity levels of the peak years of 2004-2007 where buyers queued to invest off-plan villas and apartments on most Costas. It’s even better now because our best deals are on no-risk key ready property and often come with generous mortgages from 60% to 100%.”