According to Spanish property experts who were interviewed by the newspaper “abc” last week, property prices in Spain will remain moderated by banks in the last quarter of 2010 and probably in 2011.
The reason for this is because Banks are waiting for an improvement in the market. If the economic environment improves, banks will be able to sell at better prices than the current free market allows.
The key point in the current environment is that banks have a large Spanish property portfolio and also the capability to finance in good conditions , up to 100% of the purchase price.
- If you are an investor with self-financing from a non-Spanish bank, you are in a good position to negotiate a lower price. Find your bargain.
- The situation in Spain sounds quite paradoxical because if the banks keep the market on hold it will be difficult to perceive a real improvement.
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