Sign up to The Irish Times Archive (1859 - 2008)My Account »

THE ADMISSION by Irish builders that they’re selling apartments and houses at below cost has found a resonance far afield, according to our sources in Spain. “Resale properties more expensive than brand new homes” was the headline in this week’s English language publication on de costa.

According to the weekly, Torremolinos and Alhaurin de la Torre are among the well-known resorts where second-hand homes cost more than new ones, because strapped builders have reduced prices on new build to try and keep the banks off their backs. With discounts of 40 per cent over two years, the market for new holiday homes has crashed, from the builders’ perspective. Which means, of course, it has become a buyer’s market for those with cash and inclination to plunge.