Repossessions could boost international money transfers to Spain

Repossessions in Spain are opening up investment opportunities for foreign buyers making international money transfers to the country.

According to Overseas Property Professional, record numbers of investors are looking to buy homes that have been possessed by lenders during the recession.

The magazine contacted its database on behalf of Crest Group International, which is looking sell repossessed properties in Spanish resorts.

It said it received a "record-breaking" response from interested investors.

Ian Waudby, head of Crest, which is based in the Costa del Sol, said: "There is clearly a high level of interest back again."

UK buyers considering a Spanish property purchase could find that the weak euro works in their favour.

The pound rose higher against the European single currency on the foreign exchange markets yesterday (May 27th). According to Reuters, it hit an 11-month high at one point during the day.

Posted by Sarah Pitton

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