UK's 3rd largest Estate Agent offers discounted Spanish properties

 

Connells, the third largest UK estate agency group, has struck a deal to sell discounted properties through its extensive network of high street branches.

The company has set up a partnership with Mediterranean CAM, the property arm of the Spanish savings bank CAM.

Connells will initially offer 3,000 of the banks properties throughout mainland Spain and the Balearic and Canary islands. Properties on offer will include both resale and new build but all units will be fully complete, with no off-plan on offer.

Balance sheet offload

CAM bank is offering Connell's clients a compelling deal, no doubt in an effort to offload properties in negative equity from its books.

Connells clients will not only be offered 90% mortgages in a tight credit market but will also have the option of renting for up to seven years before purchase. If the option is exercised during the first two years, all the rent paid can be deducted from the purchase price.

The properties will be offered through over 100 Connells and Sequence branded branches across the UK.

Stuart Flavell, Connells chief executive, comments:

"Now is a great time to purchase a Spanish property and we believe there is an increasing number of people looking to buy in this market.

"Our customers can now purchase a property abroad, safe in the knowledge that they have the backing of a recognised and respected UK estate agent, together with guidance and advice from a well-established and successful Spanish Bank."

Alfredo Millá Ferrero, international commercial director for CAM Mediterranean, said: "The Spanish market has a lot of exceptionally good-value property to offer the UK market at the moment as a consequence of the need for Spanish banks to reduce the volume of properties on their balance sheets."

The deal appears to be a good one for both sides. Although it is not necessarily good news for smaller agents on the Spanish Costas selling into the UK market, it is a positive sign that the Spanish banks have begun working with agents rather than competing against them.