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Finally the market shows its bargains: 50% off in cities

Banesto is the first Spanish Bank to launch a really positive campaign to sell units in city areas at prices of crisis.

Surely there are good bargains and we hope the rest of the Banks will follow the move soon. Banesto has announced to start commercializing today a total of 600 properties in urban areas at half price of the market value.

The first lot of properties is a 50 units package at a price below 50,000 Euros in Andalucia, Castilla la Mancha, Canarias and Comunidad Valenciana. Banesto will launch after that six more lots of 75 properties at prices below 75,000 Euros. The last package is a lot of 120 properties located in Madrid and Barcelona, which prices will be up to 120,000 Euros.

The same Banesto will finance the purchase with favorable conditions for the first three years, according to the website casaktua.com. In this way, the mentioned Bank is taking the lead and trying to reduce its property stock by the end of the year.

Image of the article: FreeDigitalPhotos.net

4 thoughts on “Finally the market shows its bargains: 50% off in cities

  1. Resale Centre

    Common sense prevails at last! I have just taken a look through some of the properties, especially the ones located in the Valenciana region and to be completely honest there is not one property that I would personally buy, however having said that it IS a positive approach that Banesto has set out and hopefully for them – they can off load unwanted properties and bring in some capital instead of having assets sat there doing nothing.

    Lets see if any of the banks with larger portfolios of properties follow Banestos lead?

    Reply
    1. lee mouncher

      Looking through the portfolio in no way can Banesto claim these properties are being offered at 50% discount and to do so is at the best misleading. A 2 bed appartment in Gandia of 70M2 at €143,00 would indicate that at some point it was sold for €286,000

      Reply
      1. DT&K Post author

        Hi Lee, that is a good point. It is a large portfolio and probably any buyer will need to go through it in detail to find something potentially good where to invest. I guess that Banks have a hot potato to sort out but better to diversify strategies and to be reasonable with prices. Not all the field is pink colour 🙂

        Reply
  2. DT&K Post author

    Hi Resale, I absolutely agree with you in all the terms. From my point of view big reductions from Banks affect on no very good properties. Good investments will not be 50% off… certainly. But this move is a milestone.

    Hopefully other Banks will lead Banesto iniciative and things will move faster for good.

    Reply

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