The minister for the economy in Spain, Luis de Guindos, has caused a flutter in the market by insisting that banks need to provision more money and drop the prices on their repossessed properties to clear the stock. You will know what I think of most bank owned properties if you have read this post on their underhand tactics to gain clients with property at unrealistic prices but decent financing terms. However, the unintended (Or maybe even intended if I were to be a bit Machiavellian) consequence of his words has been that many properties on the market have been reduced in price this week.
Click on the property images below to see more information but the price drops are quoted on each.
So for a buyer there are lots of potential bargains out there right now. Remember that in most of the cases there may still be a little bit of leeway on these prices so if you can complete quickly the owners may well be interested in talking to you.
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