Alicante: €76k
Ian Elcock and Christine Faith from Hampshire (pictured above) bought a three-bed detached villa in the Torrevieja area for €76,000 (£65,000) last December, through Solvia/ Sabadell (
solviarealestate.com), aſt er selling their previous holiday home in Villamartin. “We’d banked with Sabadell for nine years, and whilst
hunting for a new holiday home came across an agent selling the bank’s properties. When we found the property for €76k. we have to pinch ourselves that the price was right. Worth in excess of €200k at the market peak, it was advertised at €106k, but Solvia were off ering a 25 per discount for cash buyers — they wanted to shiſt some of the properties they’d inherited when they bought out CAM Bank [in late 2011]. T e property needed a €10k-€15k refurb, including new aircon, but it was in a well-kept community. T e buying process was very swiſt and effi cient, taking less than two months to complete.”
5 Ayamonte: €104k
Kira and Vincent Mason from Peterborough (pictured above), who are now retired and living on the Costa de la Luz, bought a two-bed apartment in Ayamonte for €104k three years ago as an investment through Anida. (
bbvavivienda.com). “We were looking for property to let out, and decided a
bank-owned property was the easier option. Not only was it easier to get a mortgage on a property, but also the price is fi xed, so you don’t have to haggle and worry your off er will be rejected. Our property was roughly 50 per cent cheaper than at the market peak, and on a very Spanish development of 6,000 properties. It initially looked terrible, as no one had ever lived in it, but it was in a good position, near the shared pool, on a well-run complex, and our rentals are going well.”
Costa de la Luz, €58,000 (£49,600) Located close to the border with Portugal, in Ayamonte, this is Costa Esuri residential complex. Two- bed homes are 78m2
and cost €58,000; 98m2 three- bed versions are €80,000.
bbvavivienda.com
Estepona, €73,000 (£62,450) Originally priced at €157,615, these are two- or three- bed apartments on a frontline development adjacent to the Alcaidesa Heathland Golf Course, San Roque, Estepona. Views of Gib.
solviarealestate.com
BANKERS
BANKERS
Almería, €52,800 (£45,150) On the outskirts of the beach area of Vera and Garrucha, Almería, these apartments in Lomas del Mar — originally €156,847 — can off er gardens, solariums and/or sea views.
solviarealestate.com
Costa del Azahar, €35,000 (£29,950) Located in Residencial Golf Mar, Sant Jordi, northern Valencia, these are one- to three-bed properties, with roomy terraces. Part of the Panorámica Golf Resort, 16km from Vinaròs.
solviarealestate.com
Alicante, €49,000 (£41,900) New family housing in El Castillo de Bonalba, Mutxamel, north of the city of Alicante, with a shared pool and golf course. Two-bed 58m2 three-bedders 123m2
units are priced at €49,000; , at €100,000.
bbvavivienda.com BANK HOMES: THINGS TO ASK YOUR LAWYER
Just because they buy from a bank, this does not mean that prospective buyers should not carry out the same due diligence as if they were buying a resale property. In fact, many of these properties have ended up in the banks’ hands because certain developers may have
overbuilt, and they may have had planning issues with the local town hall. Buyers should specifi cally ask if the property has a licence of fi rst occupation (ie, the town hall has approved
the development) and the booklets for water, electric and gas (if applicable), known as boletines. The bank should provide copies prior to purchase and originals upon purchase. The seguro decenal (10-year
insurance policy on a new-build) would also be useful if any claims have to be made against the insurer. by Alex Radford, Solicitor & Abogado, Irwin Mitchell, Malaga (
irwinmitchell.com)
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