Could international money transfers to Spain buy a bargain?

Britons might want to look into making an international money transfer to Spain in order to snap up a bargain property.

According to Greg Butcher, founder of the Fairhomes Group, it is "just a matter of time" before the Spanish economy crashes.

However, as result of the crash there will be a number of opportunities on the property market.

Speaking to Overseas Property Professional, Mr Butcher said: "Just like in Ireland where the National Asset Management Agency is selling any assets it can to get cash, the Cajas in Spain will have to sell at more realistic prices and in bulk.

"One-off individual sales will be no use to them by then. And that is where overseas property companies can move in and acquire large-scale deals for good prices."

He explained that the cajas are pricing their repossessed housing stock at between 25 and 45 per cent above the real market value and then offering buyers 100 per cent mortgages on a 50-year term in order to keep their balance sheets higher than they should be in reality.

Click here to make an International Money transfer to Spain

Posted by Chris Barber