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Barcelona Travel Guide

Spanish Banks Selling Off Homes at Slashed Costs

Posted: Oct. 16th, 2012  |  By Michael Pearse
Costa del Sol

Prices for many homes that were in development during the housing bust in Spain are starting to drop so low that practically anyone with a job can get a 100% mortgage and snatch up a summer home at ridiculously low prices. Even in seaside complexes near major cities like Barcelona are offering some of the lowest prices on the market.

Canet De Berenguer, Spain For years, the Mar de Canet apartment complex in this beach town south of Barcelona stood empty, another casualty of a real estate crash that left this country littered with ghost towns and half-finished developments no one would buy.

The Mar de Canet complex in Canet de Berenguer, where Spanish families snatched up units at very low prices.

But recently, the communal pool at Mar de Canet was full of giggling children, and bright beach towels flapped from virtually every balcony.

Read More on cnbc.com

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