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As one of a select group of Marbella real estate agents chosen by Solvia (the real estate division of Banco Sabadell) to become authorised agents, Nordica Sales & Rentals can now offer a rare collection of bank-repossessed properties in the Costa del Sol region.
This officially means we are also authorised to sell properties within the Solvia portfolio across Spain, yet as our as expertise lies within the Marbella area – and more specifically Nueva Andalucía – this is where we will be focusing our attention.
Unlike some other parts of Spain, where there are still large numbers of unsold repossessed properties to be found, so-called ‘distressed’ properties are rare in the Marbella area. This is because there never were many to start with and most have now been sold because they represent a great opportunity to buy a very attractively priced investment complete with high financing (low interest) options.
A limited stock of bank repossessed properties does remain in and around Marbella, which is periodically augmented by new properties, many of which have taken a year or more to go through the repossession process and are only now becoming available for purchase. Banco Sabadell had very limited exposure to the property bubble that burst and subsequent financial crisis of 2009, and most of the repossessed properties on its books are the result of the take-over of other banks as part of the required consolidation of the Spanish banking system.
One of Spain’s two most solvent banks, Banco Sabadell has come out of independent analyses and ECB stress tests as one of the safest financial institutions in Europe. It therefore offers the repossessed properties on its books with solid, low-interest mortgages of up to 80% of the purchasing price, though the strict financing qualifications that apply are indicative of a sensible approach that is the basis of the bank’s solid footing.
The properties available offer great value and investment potential, and range from modest apartments in downtown Marbella and Estepona through resort apartments and townhouses to larger villas in elegant urbanisations. The area covered extends from East Marbella to beyond Estepona, and the portfolio also includes commercial premises in some very interesting areas.
Have a look at our special Solvia property pages and please feel free to contact our team for more information about fantastic opportunities in the area. But don’t wait too long – these homes will be selling fast!