Buyers in Spain are set to pick up a bargain in July with the announcement of a property auction.

Palma Property Auctions, based in Palma de Mallorca, has started to hold voluntary auctions to help homeowners prevent their homes being reposed.

The next auction is scheduled for July 28th and will feature Samantha’s – a well-known restaurant in the area – drawing in the likes of Michael Douglas and Catherine Zeta-Jones for dinner.

Director of Palma Property Auctions Hans von Rotenhan said: "Many of the people who sell through us… have several properties and they want to free up some capital to be able to invest it in other projects or investments."

Also going under the hammer are villas near the coast and apartments located in the Old Town of Palma.

Currency Index, a money exchange firm, stated that prices in the Costas have reduced by 30 per cent which will make buying properties in Spain even more appealing.

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