Bank Owned Spanish Property Why Everything Must Go

  • 12 years ago
  • Uncategorized

The Spanish banks are reportedly slashing prices even further
in order to get rid of as much property as they can before the close of the
summer season.

According to reports banks are already offering properties in
popular locations like Murcia and Costa Blanca at discounts of up to 70%,
because if they don’t sell before the market shuts down in Autumn they will be
stuck on their balance sheets until at least next summer.

This is the last thing the banks want; the properties are
expensive to maintain over the winter months, pools have to be cleaned and such
like all at the banks’ expense. Worse, it is now believed that Spain will
indeed create a “bad bank” to absorb the worse assets in Spain’s banking system
under one roof. This is expected to drive down prices, making it in the banks’
best interests to get ahead of the market, drop prices now and save themselves
the expensive winter.

Spain is fairly desperate to see sales grow in its
beleaguered property market, so much so that it launched a world tour last
year, whereby some of its government ministers joined with industry big hitters
to promote the benefits of owning a home in Spain to the world. Now we have
Economy Minister Luis De Guindos leading from the front; having just purchased
a cut-price apartment in one of Madrid’s poshest areas at a discount of 64pc.

The problem for Joe Public has always been access to the best
deals, which are frequently snapped up long before they ever reach our eyes,
having been offered to shareholders, bank staff and then registered
institutions etc. However, thanks to the likes of Bank Repossession
we can view such heavily discounted properties for sale right on the website,
including resort properties across Murcia at up to 60% discounts and with up to
100% mortgages.

Article written by Liam Bailey on behalf
of Bank
, specialists
in bank owned properties, including Cam
Bank repossessions in Spain

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