Property in Spain 'under the hammer'

A large range of property in Spain is to go under the hammer at an upcoming Mallorcan auction.

The event will take place on 28th July and be held by Property Auctions SL, based in Palma, where an impressive number of luxury homes will be up for grabs.

Hans von Rotenhan, a lawyer and director of the auction house, says many of the people selling property in Spain are investors freeing up cash for their next project in the country.

Among the buildings on offer is Samantha's restaurant, an establishment frequented by famous faces including Hollywood couple Michael Douglas and Catherine Zeta Jones.

"With the current owners of Samantha's moving on, this restaurant is looking for a professional with a vision," Mr Rotenhan explains.

In related news, research carried out by a number of industry figures has revealed that buyers are returning to the market and snapping up property in Spain, Reuters reported.