Foreclosed properties in Spain rose in 2012
News by Propertyshowrooms.com
There was a rise in the number of foreclosed properties from Spanish lender Bankia’s real estate sector last year.
According to the bank, sales of these sorts of properties totalled €550 million (£471,241,709) during 2012.
This represents a 19 per cent increase on figures seen the year before, with tax breaks largely being cited as the main reason for this sudden burst of enthusiasm in the market.
December was a bumper period for the bank, according to the news agency Reuters, with 1,100 foreclosed properties being sold in the month alone.
This was a massive 70 per cent rise from sales figures seen in November, and came just a few weeks before the bank had to move €22.3 billion of invaluable property assets.
These ‘bad assets’ were mostly taken on with an average discount of around 63 per cent while fellow bank Bankia Habitat reported the selling of some properties in 2012 with reductions of between 40 and 60 per cent.
Bankia Habitat also said that their year-end sales were given a big boost by the tax breaks on offer for housing purchases, which ran out in 2013.
It’s hoped by many within the country, and those keen on buying Spanish real estate, that the decision to offload property assets for a lower value will allow the market to begin moving more freely again.
While there have been some turbulent times since the eurozone crisis began, there are indicators suggesting that the Spanish property sector could be on the move again, with signs of an increased interest from overseas and the actions taken to reduce the impact of bad, or toxic, loans.
Take for example, the recent research carried out by The Real Estate Agency which found a huge rise in the number of second homes purchased in the country last year.
It noted that there was a 90 per cent increase in sales last year. International Property and Real Estate News from Propertyshowrooms.com
2013-02-04 19:49:06
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