Despite the fact that Spanish property sales have reportedly been improving for the last several months, developers continue to take seemingly extreme measures to lure buyers.
Costa Almeria development Balcones de Palomares is a good example just added to the Azure Overseas portfolio. Anyone not bowled over by the price; just £68,469 for a key-ready 2 bedroom apartment in a quiet and secure development near the coast and with white good included, probably will when they realise that 100% mortgages are being offered with properties in the development.
Most buyers of Spanish property in the last 2 years have been cash buyers, equally because wealthy individuals made up the majority of buyers, and because mortgages were scarcely available. Slowly but surely buyers who need mortgages (low budget buyers) are returning, and thankfully more mortgages are coming up as well.
The price is the most impressive thing here though, well designed, quality 2 bedroom apartments in a nice development with a communal pool in Andalusia, Spain for not much more than you would pay in Turkey is truly a bargain.
Low prices like this in an established market like Spain is always good news for investors; the low price means you can set your rental rates lower and sill make a strong yield. Not to mention capital growth potential, in the fact that Spain will recover, and when it does these units will quickly double in value, then go to 150% of their current price.
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