CAM bank has led the way among Spanish banks in slashing prices on their property portfolios. However in the case of CAM then the urgency was far greater than the others. Now the bailout and failure of the bank has materialised the urgency has disappeared and CAM could fall in line with many of the other banks.
As Paul Williams MD of Villa Cashback one of the largest international agents for CAM explains, "CAM has been offering half price properties on the Polaris World resorts over the last six months. Half the stock has now sold and in recent weeks the mortgage terms have begun to tighten. We don't know what the future owners of CAM will want to do but we suspect the urgency to dump the properties at any price is not going to be so great as before the bailout".
CAM bank still offer a large selection of properties on the Polaris World resorts including Hacienda Riquelme and Condado de Alhama. Prices start from just 72,000 Euros complete with 90% mortgages. It has been one of the most succesful property offerings in Spain post credit crisis grabbing many of the headlines.
Buyers can still buy on the current terms and at the existing prices. However the Spanish government has indicated its intention to sell CAM bank by 30th September 2011 at the latest so bank policy may well change after that point. Spanish bank property is likely to offer some fantastic opportunities for lifestyle buyers and investors in the coming months, but it is possible we may have seen the bottom of the market with the soon to be disappearance of the bank that has led the way so far with its aggressive price cutting and mortgage offering.
# # #
Polaris World Golden Partner. Villa Cashback is the leading sales agent for Polaris World property on six resorts in Murcia, Spain.