House of (credit) cards

For reasons which will not become obvious, I was looking at a property website earlier. In Granada City there seem to be lots of flats for sale: some for as low as €15,000. (and a lot of which have a similar floor area to what was usable in my 3-bed semi in a leafier part of the south-east   )

Now I'm not under any illusions that these would be the greatest places on earth to live, but given that it's possible to just "slap it on the plastic" at that price, how come people who have got jobs aren't buying their own first place? I presume there's more to it than just the price of the apartments  

The same thought has often crossed my mind Pete. Odd......

Sounds a bit suspicious! I was in Granada a couple of days ago and was waiting in the main branch of the Caja Rural while some friends made some transactions. I was reading their board of properties for sale which I assumed were repossessions from people who couldn't pay their mortgages. They seemed cheap to me, but not that cheap - more like 60,000€ for a two bedroomed place.

If you look at Valencia or Alicante you can get them down to below 8,000.

I'm wondering these properties have large mortgage arrears attached as debt to them?