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Madrid - Faced with a collapsed property market, a Spanish developer was on Friday offering a "two-for-one" offer on its homes, offering a one-bedroom apartment to those who buy one of its townhouses on the coast.
The four-bedroom townhouses included in the offer by Salsa Immobiliaria are located near the beach in Terrazas de Miraflores on Spain's Costa del Sol in the southwestern province of Andalusia.
"Buy a townhouse in Terrazas de Miraflores and get another one-room apartment in Baviera Golf," the developer said on its website below a photo of the townhouses surrounding a swimming pool.
The developer launched the offer on Thursday on the first day of a real estate fair in the port of Malaga, in the hope of selling newly built properties which have struggled to find buyers.
Salsa Immobiliaria is selling the townhouses for €780 000, the daily newspaper El Pais reported on Friday.
After about a decade of booming activity, Spain's property sector collapsed last year amid rising interest rates, oversupply and tougher lending conditions.
Along the Costa del Sol, a popular destination for northern European sunseekers, there are 24 000 homes which are newly built or are close to being completed, that have yet to find a buyer, according to El Pais.
The number of house building permits issued by Spain during the first seven months of 2008 plunged by 58% from the same time last year to 188 046, public works ministry data shows.
- AFP