SPAIN IS RIFE WITH OPPORTUNITY FOR INDIVIDUAL PROPERTY INVESTORS

It is well documented that property values in Spain have tumbled from their 2007 highs. TINSA, a group which offers valuations on Spanish real estate, report that prices have dropped by 35%, and Fitch, another ratings agency, recently forecast that prices have another fifteen to twenty per cent to fall in 2013.

Currently banks are trying to offload their non-performing assets and are having to do so at hugely discounted prices. A number of foreign investment groups have begun to purchase portfolios of Spanish property in Spain the belief that they will see a substantial return over the coming years.

However, big investment groups are seeking discounts of up to 80% which, for the Spanish banks, is not as interesting as sales to indivividual investors who have been known to negotiate discounts of up to 50%. Lenders are currently finding it difficult to shift property as the rate of unemployement in Spain currently stands at 26% and domestic investment has all but dired up.

For this reason, more banks are looking towards international buyers for their Spanish property. The process is longer and more drawn out, but the returns are greater for the banks in the long-term.

Filed under: http://www.theleader.info/article/38253/

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