The Costa del Sol is becoming one big summer sale with properties going for up to half their recent market value according to reports.

However some experts say these reports are exaggerated and it’s not quite a bargain hunters’ paradise, although there are indeed some good deals to be found in today’s cool property market.

But, add the experts, for every good deal there are a dozen turkeys and so it pays to be very selective.

Adam Gale, MD of Duchy Estates offers some advice. He said: “A lot of the so-called bargains are being off-loaded at rock bottom prices because they’re poor quality in poor locations. This kind of deal is no use to man nor beast and you’d do well to steer clear.

“It pays to spend some time sifting through what’s available, be selective and remember that cheap isn’t always cheerful – you’re better off having 300,000 Euros-worth of gold than 100,000 Euros-worth of rubbish.”

Gale says tapping into the knowledge of an established estate agent based on the ground is one way of taking the gamble out of lucrative bargain hunting. An agent can also find out the motives for selling and if the vendor has a genuine change of personal or financial circumstances and desperately needs to make a swift exit. These have been termed ‘distressed’ sales.

Many distressed sales represent the fall-out from rogue traders in the industry who oversold, over promised and overstretched unsuspecting property investors. Keen to get just one sunshine holiday home, some greedy unscrupulous agents twisted their arms into buying two or three with the idea that the profits from selling before completion could fund the first.

It worked to a point, the point being when the boom ended and an oversupply of stock made it incredibly difficult to sell.

Duchy Estates recently handled the sale of a three bedroom apartment in a high quality apartment complex within the sought-after resort of Los Arqueros. The list price was a fair 350,000 Euros but with Duchy Estates’ negotiations and efforts the vendor finally settled for 255,000 Euros including the furniture.

• Egyptian Experience has started building their latest project in Luxor close to The Nile with views over the West Bank and the mountains with the Valley of the Kings and Queens.

Luxor is an open air museum with 1/6th of the world’s ancient heritage and 4000 years of history once the Pharonic city known as Thebes. Studios, 2 bedroom and 3 bedroom apartments and duplex apartments are part of the development.

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