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90% Mortgages to Buy Spanish Properties

October 20, 2010

Estate Agent Today has reported that Connells, the large UK Estate Agency Group, are to market thousands of heavily discounted Spanish properties through its high street branches.

Spain has suffered from an oversupply of properties, especially since the onset of the worldwide “credit crunch” – and there is a large number of un-sold properties in areas of Spain, where prices have plummeted over the last 3 years.

The Connells deal is being offered in in partnership with Mediterranean CAM, the property arm of the Spanish savings bank CAM.

Rather than jumping straight in and buying, a special feature of this offer is that buyers can opt to rent a property first for up to 7 years, with a subsequent option to purchase the property through CAM’s ‘rent to buy’ scheme. If the option is exercised during the first two years, all the rent paid can be deducted from the purchase price.

Buyers will also have access to CAM’s 90% mortgages. Properties will be new or secondhand, and will not be off-plan.

Stuart Flavell, Connells chief executive, said: “We are delighted to have been chosen by Mediterranean CAM to market properties abroad. CAM Bank is the fourth-biggest savings bank in Spain and is an important financial institution with an impressive track record.

“Now is a great time to purchase a Spanish property and we believe there is an increasing number of people looking to buy in this market.

“Our customers can now purchase a property abroad, safe in the knowledge that they have the backing of a recognised and respected UK estate agent, together with guidance and advice from a well-established and successful Spanish Bank.”

Connells and Sequence branches in the UK will initially be offering up to 3,000 properties throughout mainland Spain and the Balearic and Canary islands. Properties include both new-build and second-hand homes from city-centre apartments to luxury villas.

Alfredo Millá Ferrero, international commercial director for CAM Mediterranean, said: “The Spanish market has a lot of exceptionally good-value property to offer the UK market at the moment as a consequence of the need for Spanish banks to reduce the volume of properties on their balance sheets.”

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