Reports in the Spanish media claim that some Spanish pensioners are selling their properties for half-price with one proviso: the buyers allow the sellers to live in the properties until they die.
It is reported than an increasing number of Spanish pensioners are choosing to help out budding homeowners by offering half-price discounts on their homes.
But for investors looking for a property at a good price there is no guarantee on how soon they will be able to exercise ownership.
The trend, known as bare-ownership, popular in other countries, too, including France.
However, since the reports materialised, critical Spaniards have taken to social media to criticise the measures, describing them as morbid and also raising concerns on homeowners’ heirs. In Spain, children are entitled by law to inherit a share of their parents’ assets.
The somewhat bizarre conditions attached to this type of property sale don’t seem to be putting off buyers. Agencies state they are capable of selling the cheaper homes very quickly to anyone who sees the medium to long term appeal of the offer.
French website bareownership.com, states “under this type of purchase you can maximize your investment capacity and buy properties with an immediate reduction of 40 to 50 per cent of the value of full ownership, with no risk of sacrificing quality.”
Article published 28th August 2018