Repossessions giving access to exclusive locations
The availability of heavily discounted Spanish property in and around prime locations like Marbella and Puerto Banús is opening up these exclusive areas to a wider range of buyers. Leading estate agency Connells and CAM Mediterranean, the property arm of Spanish bank CAM, discuss how repossessed Spanish homes are giving access to Mediterranean lifestyles of the rich and famous for as little as €120,175
The many sun-soaked beaches, marinas and luxury golf courses along Spain’s southern coast have long been playgrounds for celebrities and wealthy holidaymakers. Indeed, stars including Joan Collins, Sean Connery and Antonio Banderas are just a few of the notable residents who have lived in and around Marbella on the Costa del Sol, not to mention famous visitors like Bruce Willis or David Beckham.
It’s hardly a surprise that Marbella and its surrounding area are so popular. Year-round good weather, interesting local history, shopping complexes, fantastic restaurants and bars, golf courses and a plethora of beautiful marinas full of luxury yachts all combine to make it a highly desirable location. Until now, buying a home in these areas has been almost exclusively reserved for those with large budgets. That was until thousands of Spanish homes were repossessed by financial institutions and are now available to overseas buyers for a fraction of their original prices.
Because of the over-supply of repossessed homes on the Spanish property market, locations that were once out of reach for many are now affordable. Gone are the days when purchasing a property in or around Puerto Banús and Marbella was out of reach for the average buyer. There are now some unbelievable bargains for those looking for a taste of the celebrity lifestyle that these destinations exude.
Exceptional Spring Offer
For the last three months, Connells and CAM has been running an ‘Exceptional Spring Offer’ on a range of properties along the popular south-east coastal area of Spain. The offer included exclusive discounts to Connells customers of as much as 57 per cent off the original valuation of the property at the time of repossession. Las Joyas de Estepona is the final development in the ‘Exceptional Spring Offer’. Until 30 June 2011, buyers will be able to pick up a beautiful, brand-new, two-bedroom apartment just fifteen minutes from Puerto Banús for just €120,175.
Las Joyas de Estepona is a stunning brand new development of terraced apartments. Each new home has been finished to a high specification including allocated underground parking, kitchen appliances, air conditioning and excellent communal facilities on the Las Joyas complex including a swimming pool and paddle tennis court. Situated just inland from Playa de Sol-Villacana, buyers will benefit from being just minutes away from the beach and the glamour of Puerto Banús, as well as within a half hour drive of 18 out of the region’s 33 luxury golf courses.
If nearby Puerto Banús doesn’t give you your fix of the luxury Mediterranean lifestyle, Marbella is a short car journey away where you can bask in the coastal charisma of Spain’s answer to St Tropez. With developments like Las Joyas now available through Connells and CAM Bank for a fraction of their former market value, buying into the luxury lifestyle that this location can offer is now within reach for a wide range of buyers looking to purchase a Spanish home.
Security and peace of mind
The properties and prices at Las Joyas certainly make purchasing a Spanish property very appealing, but we don’t all have the money to put things right if something goes wrong. We’ve all heard the horror stories about illegal builds and land grab, but these issues are overcome when buyers decide to make a purchase through a large and reputable Spanish bank and CAM is the only one to have an establish property arm, CAM Mediterranean, which is the number one seller of repossessed properties in Spain.
Banks like CAM have many thousands of properties on their books which they are keen to sell quickly, so no benefit would be gained by selling a property where problems could arise. Additionally, any doubts about the security of buyers’ investment are overcome since the bank will have done due diligence before taking on the property. Buyers can also be assured that they are dealing directly with the owner of the property, that CAM can provide the names of reputable utilities and furniture companies if buyers are not familiar with local suppliers and that they have the infrastructure in place to spend time showing UK buyers the local area whilst they are looking for property.
Because banks like CAM are keen to sell, they are also offering buyers some fantastic finance options. For example, all of the homes available in the ‘Exceptional Spring Offer’ campaign will have access to CAM’s up to 90 per cent loan to value mortgage which is available to buyers on properties up to €180,000, of which 92 per cent of the properties being marketed by Connells in the UK are, and has a repayment term of up to 40 years.
Buying in to ‘A way of life’
For many people who make the decision to buy a home in Spain, a change of lifestyle is one of the key criteria. Because of the huge numbers of repossessed and discounted properties available in Spain at the present time it is now feasible that UK buyers with limited budgets can buy in some of the most sought after areas of Spain. Not only this but the Banks that own these properties are so keen to sell they will help you at every step of the way, whether you need a mortgage or would like to rent a property before making the decision to buy. All these factors combined are making it even easier to buy into a luxury Spanish lifestyle.