The real estate situation in Spain is very special in 2024. The crisis from around a decade ago resulted in banks foreclosing on properties. If you're considering purchasing a house or apartment on the Costa Brava in towns like Roses, Empuriabrava or Lloret del mar, rest assured that there are opportunities available, even for individual buyers!
Bank foreclosures in Spain: real opportunities?
In recent years, Spanish banks have foreclosed on many apartments and villas due to unpaid mortgages. These foreclosed properties are then put up for sale, at very attractive prices: we've already seen discounts of up to 40% on the value of the property. So yes, these are opportunities to be seized. However, you need to be careful, as there are a number of pitfalls. In Spain, unpaid charges from the previous owner are automatically passed on to the new owner.
Get support from a real estate expert in Spain
If you're considering purchasing foreclosed properties in Spain and find them particularly interesting, it's advisable to seek assistance from an expert. The N1immo team is here to help French people wishing to buy property on the Costa Brava, and to guide them through all the administrative formalities.
Which regions have the most bank foreclosures for sale?
If you're looking to invest in Spanish real estate at attractive prices, consider regions where bank foreclosures are common, such as Catalonia, Murcia, Andalusia, Valencia, Marbella, the Costa Blanca and, of course, the Costa Brava.
In addition, real estate sales are frequent. You'll find luxurious villas with swimming pools by the sea, while the apartments enjoy the same privileged location.
Where can I find foreclosed properties in Spain?
There are several portals. Bankia brings together listings from 4 banks with recent foreclosures. In total, you can choose from over 14,000 foreclosed properties.
Portals of the country's major banks
The Caixa Bank portal might also interest you. This is the country's largest bank, offering over 10,000 properties for sale. Additionally, consider checking out Sareb and the Banco Santander portal. The latter is owned by a major bank, with over 12,000 foreclosed properties for sale.
What are the main points to bear in mind when making this type of purchase?
The purchase price is the biggest advantage of buying a foreclosed property.
However, you must be very careful before carrying out a transaction of this type, ask yourself these questions:
- What is the condition of the property in question? Often, purchases are made from a catalog.
- Do I have to pay the debts of the previous owner? It is often at this point that you will realize the situation may not be as favorable as expected.
- Is renovation necessary? Foreclosed properties generally require renovation.
- What are the planning regulations in the region?
- What is the security deposit required to reserve the property?
- Is there a guarantee against hidden defects (e.g. actual living area of the property vs. area shown in the ad)?
If you're considering buying property in Spain, it's best to go through a traditional real estate agency, as bank foreclosures are not as financially attractive as they once were.
Looking to buy property on the Costa Brava? Choose N1 Immo for properties free of any charges. With 18 years of experience, we're here to assist you in your property purchase in Spain. Take a look at our properties in Empuriabrava and find your dream gem!