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Further discounts likely to be seen in Spain

Property investors looking to buy real estate in Spain may want to take advantage of further discounts which are likely to be seen during July and August, Overseas Property Professional has reported.
According to Ian Waudby, chief executive of Crest Group International, the reductions are likely to be followed by a stabilisation of the market.
Mr Waudby believes that the emergence of discounted property will be caused by Spanish banks looking to offload excess stock which has been in their possession for up to two years.
"They want to get their books into a more manageable form. They're getting rid of distressed properties at whatever price they can get," he told the news provider.
However, the real estate expert suggested that the opportunity to pick up a bargain would not last forever.
"I can see the discounts stopping," he said. "The market will hit the ground floor by October … and then it will stay there for a while."
The news could lead to a rise in the number of individuals looking to search for properties in Valencia, with the destination boasting a rich history which is likely to attract tourists. |