Bus 'tours distressed property in Spain'

A new bus tour has been launched which transports people around distressed property in Spain.

The vehicle, which is already a popular invention in the US, is being used by potential investors to view a variety of reduced property in Spain and decide which is the best option for them.

Circulo Financiero Internacional (CFI) is conducting the tours and claims that buyers are presented with featured homes which offer "real bargains".

A spokesman for the organisation added that the tour is free for CFI members and €20 (£17.5 million) for non-members.

"The market is stagnating and developers need to shift new homes that in some cases they have built and paid for or are being repossessed or belong to the banks," he commented.

James Gonzalez, market analyst at Obelisk Investment Property, recently said people looking to invest in property in Spain can benefit from a host of bargain homes on the market.