Brits target Torrevieja bargains in Spanish property revival

Property sales 6% up in Spain, but Brit buyers’ share of the bank-owned bargains is down 40% from peak buying year 2008, according to figures from the Spanish Property Registry.

That’s despite the fact, Torrevieja, the Costa Blanca town built for Brits, is the hottest sales spot on the Costas. Only 10 major cities, including Madrid and Barcelona have recorded more property sales so far this year.

There’s a thriving cosmopolitan population in Torrevieja, with the British owning most property that they use for fulltime living or renting out to holidaymakers. Local schools have welcomes 1,000s of English-speaking children with even more booked in for the start of the new school year in September. Many of the current sales are condominium apartments purchased as distressed sales or repossessions from Spanish banks.

Scandinavians are the main buyers in Costa Blanca and other favourite Costas, as their local economies have been largely unaffected by the recession that has hit the UK and Eire. Now the French and Russians are moving in, drawn by the lowest prices for a decade and the best mortgage deals that go to 107% loans at low interest rates.

Source: PropertyinSpain.Net