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We have been approached on numerous occasions recently by various Spanish banks and intermediaries, wanting to feature their bank repossessions as part of our distressed Spanish property portfolio.
We have looked into the repossessions market here in Spain, and in our opinion, there are a number of obstacles to overcome before you can successfully (and confidently) promote the concept.
Firstly, as an end-user client looking to buy a cheap Spanish property, you are completely in the hands of the bank and their representatives. I´ve heard nightmare stories about banks changing the askig prices at the last minute, and denying access to photos and property information until a client has committed to an inspection trip to Spain. Continue reading »
100% spanish mortgage interest only mortgage in spain lloyds tsb spain marbella golf property marbella property for sale mortgage in spain rio real townhouse spanish banks Ok. I´ve seen the place I want. It´s gorgeous. It´s a 3 bed townhouse in Rio Real – yes I know, going back to the same area, but it is nice, trust me. In fact, it´s not really a townhouse. It´s a semi-detached villa, with all of the boxes ticked – covered terrace, eat-in kitchen, fireplace, great views, south-east facing. It needs a lick of paint and a bit of updating, but it´s been reduced from €620k to €470k and is located in one of Marbella´s best areas. Having sold my 2 bed apartment for €499,000 last year, I could even end up ´quids-in´ on this whole house-moving experience if I get the place for a good price.
Apparently the vendor isn´t desperate. He retained a 10% deposit from a buyer who was unable to complete last year, hence why it´s now at a lower price.
black money employment in spain spanish banks spanish economy spanish social security working in spain In Spain, it´s notoriously difficult for an employer to sack or to discipline a member of staff. Employees enjoy terrific rights, and even when they find themselves made redundant, they are legally entitled to claim state benefit of up to 70% of their income for the following 2 years.
This is a crippling burden upon Spanish society in general, particularly during a recession when thousands of people are losing their jobs, but also for employers who pay whopping social security contributions in order to feed this social fund.
This presents two problems in Spain. Continue reading »
