It has never been a better time to buy a property on the southern coast of Spain with the huge number of repossessed properties held by Spanish banks that are now being offered at very low prices. During the boom, with the huge development across southern Spain, many people invested in the area excited at the prospect of owning a property in a place that seemed like paradise. When the crisis hit, many of those buyers simply could not complete on their purchases and the properties were handed over to the banks. These properties have not been available to the general public until recently, but the Spanish government has now ordered the banks to sell the properties in order to boost the economy offering mortgages of around 90%. With so many deserted plots of land and empty properties still available on the coast, this is a fantastic time to invest in the Spanish property market as many properties will be offered at well under the market value.
Despite the slow property market, Direct Auctions have powered through and have become one of the most successful property companies in their coverage area. In their last live auction in May this year, out of the 31 properties featured in their catalogue, 19 were sold with a further 5 properties being sold after the auction. Since September 2010 until now, Direct Auctions have sold over 70 million Euros worth of property in Spain and Portugal with the average conversion rate of properties sold at their auctions hovering around 65% or higher.
The success behind Direct Auctions is a lot more than just them being in the right place at the right time. The objective of the company is to offer an alternative method to buying and selling property –where service and professionalism ensure clients on both sides benefit from the lowest sales fees in Spain safe in the knowledge that all properties are pre-conveyed. There has been a lot of publicity on the Costa del Sol’s property market such as in the Mail on Sunday newspaper and programmes like, “A Paradise Lost” and “A Place In The Sun”. In all of these articles and programmes, Direct Auctions appeared quite heavily but was portrayed in a positive light thus installing confidence in them as a company, positioning them as the obvious choice for anyone who wants to buy or sell property.
Direct Auctions have loyal bidders that come back time and time again demonstrating how this company has built-up a great reputation in the industry. As they truly understand the marketplace, they can accurately advise their clients on how to maximise their marketing potential guiding them on a realistic price to auction their property. Their properties range from plots of land with licenses to build, old farmhouses for reformation, newly-built apartments that are close to completion, resale properties, townhouses, commercial units to top-end luxury villas. Just recently, Direct Auctions sold a 4 bed detached villa in Viñuela which was on the market for 85,000 Euros. They came with a reserve of 90,000 Euros and in a matter of weeks the property was sold for 125,000 Euros. Also, Direct Auctions had a large duplex apartment in El Presidente, Estepona which was taken on at a guide price of 300,000 Euros. This property was sold at auction for 400,000 Euros. The owner of this property commented, “Direct Auctions really care about their work and stick to their promises. They come across confidently and knowledgeably and advertise their properties effectively. He sold my property within 3 months so I was thrilled.”
The auctions are always well-attended on the day with phone bidders also involved. Several properties sell before auction as prospective buyers view and make an offer which is accepted by the seller. Some lots sell on the day of the auction and there are always sales after the auction as some vendors further reduce their prices to encourage a speedy sale. As a current average, 25-30% of every catalogue has been sold before the time of the auction itself.
Direct Auctions is expanding all the time and due to customer demand, they intend to hold more live auctions in various locations throughout Spain as well as in other countries such as Portugal, Turkey, Cyprus, Dubai, Cape Verde, UK, USA and Bulgaria. Dylan Sharp, who has just come onboard with Direct Auctions, will be covering off the area spanning from Sotogrande westbound across the whole of the Cádiz province. Dylan joins the team with a wealth of real estate experience and has even bought property from auctions himself so he really knows what he is talking about. He will be holding an auction in Sotogrande in September and is currently looking for properties to list. Dylan is willing to offer anybody who lists their property in the September auction another listing in the December auction if in the unlikely event it does not sell in the September auction.
14TH SEPTEMBER Club Marítimo De Sotogrande
27TH SEPTEMBER Kempinski Hotel, Estepona
29TH NOVEMBER Kempinski Hotel, Estepona
For more information about Direct Auctions, go to www.direct-auctions.com
email: email@example.com or firstname.lastname@example.org
Tel: 951 778 108, 677 448 359 or 622 612 789 (Dylan)