Yet More Spanish Properties Fall Prey to Credit-Crunch

Spanish property specialists Titan properties have released their first list of distressed properties in Huelva province in Spain's Costa de la Luz region; the list displays the lowest priced properties in Costa de la Luz.

Spain's least developed and most affordable of the southern Costas, Costa de la Luz property prices grew by 7.1% between 2007 and 2008, even more impressive when compared to growth of 1.5% in Malaga. Prices had been holding but as the credit crunch rolls on more and more established markets fall prey to the domino effect.

Director Andrew Benitz said:

"Undoubtedly the heavily developed Costas are floundering the most in these turbulent times, but western Costa de la Luz is finally succumbing to the bargain bug. Thanks to our longevity in the local marketplace, gaining the respect of the resident population, we have amassed quite a list of keenly priced properties which should take the sting out of the poor exchange rate.

"Discounts of 30 to 40%, previously unheard of, are now achievable," continued Benitz. "How long this climate will last is anyone's guess, but the green shoots of growth are surely around the corner. Nowhere has managed to knock Spain off the number one spot for a holiday home yet, so the advice is to act now."

The list released by Titan properties contains many Spanish properties that are being sold significantly below their market value. According to Benitz they won't stay at these prices for long, because he believes the "green shoots of growth" are already re-emerging.