06.11.10
Estate Agents reveal record demand for Canary Island repossions
Record numbers of Canary Island Estate Agents are clambering for repossessed properties, despite continuing economic woes.
However, the country’s economic position continues to slide amid concerns about national debt. The Bank of Spain was forced recently to seize control of regional savings bank CajaSur, the latest challenge to Spain’s battered financial sector since the collapse of the housing bubble.
However the good news is agents are adapting to the present economic situation. Southern Spain markets have seen a lot of small, new property agencies spring up recently, and many of them have restructured their business models to cope with a tougher climate and a lot of below market value deals.
“There are a lot of sharp young agencies out there now who have positioned their offerings very professionally. They are smaller and they approach the market in a much more appropriate way.”
That siad, Canary Island property companies need to rebuild trust with both buyers and foreign agents.
“There is a lot of demand but several parameters have to be just right for the sale to work, from finance the legalities of the sale.”