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Yes, there are forced and distressed sales in Spain. But NOT everyone is absolutely desperate. Most sellers have mortgages to pay and they simply cannot sell for an amount that´s less than their mortgage balance, unless they are prepared to pay the difference themselves to the bank, or enter repossession proceedings.
The truth is that the majority of sellers bought their properties in Spain as 2nd homes and the present financial crisis has merely focused them on the realization that they probably stretched themselves a little too far in the good times. In their minds, something has to give, and the apartment in Marbella can justifiably be offloaded.
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All those amongst you looking for that dream Spanish property have one thing in common – you are all after a great deal.
We´ve spoken to lots of potential buyers in the last month or so, and we´ve been keeping a note of all the different phrases that people have used to describe what they are after. These are the most common terms that have been used - they have been repeated again and again:
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In the late 90s, the majority of Spanish property buyers were those seeking to retire abroad, or those affluent types seeking a 2nd home to take advantage of the burgeoning jet-set lifestyle, brought about by the advent of no-frills airlines.
Then during the boom years of the early 00s, the profile changed. There was an influx of aspiring Spanish property investors and speculators, with the age range of the typical buyer getting lower and lower as the credit glut grew out of control. In addition, we saw an increase in those seeking a home abroad as a place from which to conduct their business back in their home country, as mobile and internet technology became more sophisticated.
