WITH the news that foreign buyers are bailing out the real estate sector on the Costa Blanca, banks such as SabadellCAM have changed their marketing strategy to move away from selling the properties in their portfolio for cash in favour of tying people into mortgages.
The bank's recent strategy of courting cash buyers in order to help reduce its debts and balance its books has been thrown out and now it seeks to tie people into mortgages because of the benefits of long-term interest payments.
In the first nine months of this year, the bank issued 3,083 mortgages which equates to a 72 per cent increase over figures for the same period last year.
One of the major factors in this increase has been the number of foreign buyers who have agreed to take out a mortgage
Up until September of this year, foreign buyers accounted for one out of every five mortgages that were issued
Thanks to Costa Blanca News 06 November 2014