Despite well publicised and prolonged problems in the Spanish economy, the market for cut-price repossessed and bank-owned Spanish homes is booming.

Article written by Connells Group

And with the Connells Group and Mediterranean, which is part of Banco Sabadell Group, offering a portfolio of very tasty priced Spanish properties it is no wonder that they have recorded a 17 per cent increase in enquiries this year compared to 2011.

Mild weather even on a winter’s day, a laid-back lifestyle, spectacular views in every direction, crystal clear Mediterranean waters gently lapping golden sand beaches: what’s not to like about that? It’s little wonder, then, that British people still dream of owning a Spanish holiday home whether they are looking to retire abroad, buy a bolthole in the sun for family breaks or simply invest in overseas property.

The good news is that there’s never been a better time to make this dream a reality with so many repossessed Spanish properties being snapped up for a fraction of their original asking price because banks are keen to sell and get them off their books. Clearly these organisations are not estate agents and have no inclination to hold on to the properties which is great news for UK buyers. Indeed, many are putting the homes on the market at unthinkably low prices.

At the end of 2010, UK estate agency the Connells Group partnered with Mediterranean to help British buyers bag one of these bargain properties in Spain. Since this time it has seen a steadily growing number of enquiries and sales of these discounted properties as buyers take advantage of current market conditions.

The fact that the Connells Group has recorded a 17 per cent increase in enquiries in the first ten months of this year compared to the same period last year illustrates the growing popularity of purchasing a discounted Spanish home by UK buyers. It’s clear from these figures that savvy buyers are recognising the window of opportunity to purchase a Spanish property before prices start to rise again.

The Spanish bank currently has a wide range of properties available to UK buyers, from cosmopolitan city apartments to coastal villas and holiday complexes. Clearly there is a greater degree of interest from overseas buyers for properties on the Costas, but fortunately this is where many of Spain’s repossessions are located due to banks buying or bailing out struggling new build developments which were originally intended as holiday homes, as well as Spanish nationals having to give up their second homes on the coast during the recession.

Whatever you are looking for – whether it be a luxury apartment on a golf resort, a home by the beach or an inland villa – it’s clear that purchasing a property overseas is now very affordable and there are lots of options available. But don’t wait too long – the best ones are selling fast!

You can view the homes available through Connells Group and Mediterranean here. Alternatively, contact them on 0844 846 0558 or make an enquiry for more information.