Hartlepool, United Kingdom (PressExposure) January 12, 2009 -- Spanish property is currently offering many bargains, as the market crash causes prices to drop 16% with another 15% forecast for the coming year. But the biggest bargains are the Spanish repossession properties. Liam Bailey chief market analyst for overseas property portal Property Abroad commented on repossession property in Spain:
"If you have ever seriously considered investing or buying a holiday home in Spain, repossession properties are like the reduced section of a supermarket 10 minutes before closing time. We are listing properties at 1million Euros below their valuation price. Now, for holiday home buyers these are perfect, imagine having a â¬500,000 budget, and getting a 1 million Euro villa in Marbella to spend your holidays in for the rest of your life -- it's just incredible.
"But the one I would recommend for investment is a repossessed property in Marbella priced at just â¬203,037, which is some â¬580,000 below what it has been valued at. Properties priced that low but yet that far below their value have got to be recommended for investment to be re-sold to Spaniards looking for a home in the area when the area recovers. â¬580,000 is a big window of opportunity, and when the global economy/Spanish property market starts to recover even if you make half that you have more than doubled your money."
Property Abroad have hundreds of repossessed Spanish properties, the being sold for the farthest below its market value is the one referred to above a repossessed property in Marbella with a valuation price of â¬1,560,000 being sold for just â¬477,400.
Property Abroad has repossession properties in Puerto Banus, Nueva AndalucÃa, Estepona, Duquesa and of course Marbella, find out more by visiting the site.
About Property Abroad
Property Abroad is rapidly growing into one of the best known, trusted and most successful overseas property portals in the U.K. With a slick dynamic site and very reasonable rates Property Abroad currently has among the most extensive worldwide property listings on the net.