Desperate Spanish developer makes two-for-one house offer

A Spanish property developer is giving away two homes for the price of one in a bid to find takers on the collapsed market.

With up to 24,000 new or nearly built homes empty along the Costa del Sol, according to El Pais newspaper, the developer is giving away a one bedroom apartment with every 780,000 euros (1.1 million dollar) townhouse it sells.

The four-bedroom town-houses are located near the beach in Terrazas de Miraflores in Andalusia province.

Buy a town-house in Terrazas de Miraflores and get another one-room apartment in Baviera Golf,” the Salsa Immobiliaria company says on its website below a photo of the town-houses surrounding a swimming pool.

The developer launched the offer Thursday on the first day of a real estate fair Malaga.

After about a decade of booming activity, Spain’s property sector collapsed last year amid rising interest rates, oversupply and tougher lending conditions.

The number of house building permits issued by Spain during the first seven months of 2008 plunged by 58 percent from the same time last year to 188,046, public works ministry data show.

Font: Yahoo News

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