Empty Property After Spain's Burst Bubble

An idyllic Spanish resort. Complete with swimming pool, golf course and a favourable climate. You'd think property seller Paul Williams would make sales easily. SOUNDBITE: Paul Williams, Managing Director of Villa Cashback / Polaris World, saying (English): "I think the weather helps sell it more than anything. You know, probably that's what people buy for, it's the 300 days of sunshine a year that Murcia has." But nothing's been easy at Mar Menor resort or anywhere else on Spain's Mediterranean coast since the country's property bubble burst in 2007. Spain's banks lent heavily to real-estate developers during the decade-long boom. When that ended, creditors were left with bad loans to housebuilders and unfinished apartment complexes. Many of the properties still stand empty. Around 10 percent of 10,000 properties built in Polaris resort are for sale, after the banks repossessed them from the developers. UPSOUND Some see the chance to snap up a bargain - but getting a mortgage from Spain's struggling banks remains a problem. ...