So again I thought I would bring up those popular search terms, bank repossessions and distressed sales either in Spain or the Costa del Sol. On the side by of my blog you will notice a category titled ‘top posts’, and lo & behold Costa del Sol Bank repossessions and Bargain distressed property Costa del Sol come in second and third place for popularity.
For those of you with mortgages in Spain, I thought you could you a bit of good news. The Euribor, the rate normally used to calculate mortgages in Spain, has fallen drastically to its lowest rate ever! It currently stands at 1.909%. So many of you who have been feeling over the last year should soon start to see a substantial dorp in repayments.
There has recently been an increase in potential buyers searching for properties on the Costa del Sol that fall into the category of distressed sales or properties that have been heavily reduced.
As is to be expected, many of the cash buyers around or those that can secure funding from lenders, are unwilling to part with their hard earn funds on what they see as property prices that were fueled by the recently ended credit boom.
