banks offer good deals on property abroad in spain
News Posted On: 09 June 2009
The large number of recent repossessions in the Spanish property market has made the banks in the country some of the largest real estate owners, it has been claimed.
According to Mark Stucklin of Spanish Property Insight, many financial institutions have a large portfolio of properties because customers defaulted on loans.
He said that some are trying to sell their lower quality assets through external channels with discounts of up to 50 per cent.
Mr Stucklin commented: "There are forecast to be 74,000 foreclosures this year, and banks already have €9 billion (£7.76 billion) of bad debts from private owners on their books."
The expert identified Banco Santander as the one with the most discount properties, saying that it has 1,300 - 400 of which have already been sold to select groups such as bank employees or those working for Telefonica.
This comes after Laura Nicoll, director of Iberian International, claimed that the market has reached its nadir in Spain, reports Homes Overseas.
Written by Les Calvert
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