Boot sale property bargains in Spain

There might not be a better time to buy a property in Spain as today could mark the end of the price freefall of key ready new homes. That’s according to 30 developers having a joint boot sale in Malaga, capital of the Costa del Sol, where there are 24,000 sets of door keys being dangled in front of potential buyers…

Desperate real estate firm resorts were offering two-for-one deals on homes, others 30% to 40% discounts off their standard price lists and the developers stretched their imaginations to attract clients with the slogan: “When prices go down, opportunities soar.”

One firm, is even offering a two-for-one deal, although the “deal” requires investing €780,000 — VAT not included — for a four bedroom semi-detached house in the Málaga neighbourhood of El Palo. Whoever buys before the boot fair ends tonight, will receive a “gift”: a one-bedroom apartment near a golf course in Vélez, Málaga.

“Our prices are 20 percent lower than a year ago,” said one sales manager. Apartments that were priced at €400,000 are now selling for €320,000; there are rentals with a buyout option, and months’ worth of mortgage payments thrown in for free.

But one developer boss warned: “The price of new housing will not be reduced further because it already has been reduced on several occasions. People shouldn’t expect home prices to go down 30 or 40 percent, because I’d as soon give the houses away to the bank before doing that.”

Just as McBroon & Co plan to prop up ailing banks in Britain, the Spanish Government whose banks are looking safe, may instead put billions of Euros into the construction sector, which is more important than banking to Spain’s GDP. That would stabilise house prices which may then start to increase again because the country is still the property favourite of Brits and north Europeans.

With that level of support, discounts running out of steam, along with improved specs and other special offers, it could be a good time to snap-up a Costa bargain and specialist website www.propertyinspain.net have quite a few - right up to half-price million euro plus luxury villas.