They are popular in Florida and Arizona, but now the bargain property hunter bus has reached Europe with a club offering tours of distressed real estate on the Costa del Sol.
On offer are luxury properties on new developments with discounts of up to 50%. Organisers Circulo Financiero Internacional said all featured properties amount to real bargains.
The tour is free for members of the CFI investors club and €20 for non members. 'The market is stagnating and developers need to shift new homes that in some cases they have built and paid for or are being repossessed or belong to the banks,' said a spokesman.
He said that discounts of between 20 and 40% are common and some are even down by 50% on previous asking prices.
