Spanish scheme ‘may help international property buyers’
11.11.2009
The government of the Spanish province of Andalucia has announced a €1 billion (£901 billion) subsidy scheme aimed at helping to get the property market moving again.
Under the plan, developers of the 70,000 new-built but unsold homes in the region will offer discounts on the homes, while mortgages will be set at a 100 per cent loan-to-value, with repayments subsidised from the fourth year onwards.
Although this offer is only available for local residents buying homes, it has been suggested that Britons and other foreigners may benefit from a general boost to the market and a rise in prices.
Spain is currently offering some very good prospects for international property buyers with the funds to make outright purchases, it has been suggested.
Director of research and buying agency Property Finders Barbara Wood told the Daily Mail recently that discounts of 30-35 per cent compared with 2007 peak prices can be found in places like Murcia and Almeria.
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