Developers under pressuredeveloper repossessions

There have recently been a number of developers go bust in Spain major and minor. The unsold properties must go at rock bottom prices to payoff debt.

 

Banks in trouble

Banks have always sold repossessed properties today however the number and the bank's own financial problems mean that the must get their money back quickly.


Serious investors can now buy brand new bargains

Spanish Bank Repossessions

If a developer owes money to the bank the bank itself is only interested in getting it's money back nothing else and as quickly as possible so if for instance a developer has a development of 20 units 14 of which have been sold off-plan for €220,000 and the developer owes €360,000 the remaining 6 units will be sold for €60,000 by lawyers acting for the bank.

Individual Properties

We have an increasing range of individual properties which the banks need to sell. They are still being sold be the developer at full price but the bank has demanded we sell them as quickly as possible at half price.

Investors only

The downside is that this is purely for investors and the bank will usually require blocks of remaining stock to be purchased therefore making it unsuitable for single holiday home purchasers.

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