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Bank repossessions in Duquesa

Posted on Friday, September 23, 2011 11:16

I wasn’t going to talk about property sales in the blog but the amount of developers and banks currently releasing properties into the market at greatly reduced rates really is a talking point and will be of great interest to many of the people we know are in the wings looking at purchasing a property in our area.

We have been in Duquesa for over 10 years and have seen property prices rise and fall, we’ve seen agents come and go.

Over the last 4 years we have seen prices drop steadily although sales have continued to be made especially in desirable locations like the beach front properties around the marina area.

The developers and banks have been promoting properties they want to sell for the last few years but in nearly every case we have seen these prices are actually higher than comparable properties we already had for sale on behalf of the owners.

Finance was also a problem with most banks only giving favourable terms to residents with a lot of mortgages being denied.

Well it looks like the banks have finally decided that they really need to move these properties on now looking at the price lists and terms being offered.

In July Marina Castillo apartments owned by the bank had their prices reduced by 60% and sold 16 in a week which proves demand is still high for good properties in this area as long as the price is right.

This week we have received instructions to sell 10 properties at Casares Del Sol, these are 2 bedroom 2 bathroom apartments with communal swimming pools a few minutes from the beach and golf courses originally sold at €220,000 today these are available from €100,000 and if that wasn’t a bargain the bank concerned will offer 100% finance and pay 20% of your mortgage for the first 3 years and on completion will give also you €5000 towards your furnishing costs.

Deals like these are exactly what’s needed to move these properties on and hopefully they won’t be around long.