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Bargain Spanish property bus tours for real estate investors

On offer are luxury properties on new developments with discounts of up to 50%. Organisers Circulo Financiero Internacional said all featured properties amount to real bargains.

The tour is free for members of the CFI investors club and €20 for non members. 'The market is stagnating and developers need to shift new homes that in some cases they have built and paid for or are being repossessed or belong to the banks,' said a spokesman.

He said that discounts of between 20 and 40% are common and some are even down by 50% on previous asking prices.

The first tour earlier this month included Spanish, German and Russian bargain hunters eager to see what is available. They looked at new developments in Marbella, Estepona and Benehavis.

The discounted property included luxury apartments and penthouses and golf and beach real estate. There was a €1.1 million penthouse reduced to €500,000, and semi detached properties on a golf development that have been repossessed by a bank selling at 50% discount.

'The prices go up or down depending on the debt on the property. Those who are seriously interested can negotiate with the banks, something that is now very easy,' the spokesman added.

The organisers now plan to introduce similar bargain hunting bus tours in other parts of Spain.