24/03/2013 00:00
Madrid/Palma.Sareb, Spain's bad bank has announced that it has an aggressive timetable for liquidating it's EUR 50 billion portfolio.
The bank has said that it has plans to sell around 42.500 housing units over the next five years.
This represents around 50% of it's entire Spanish property portfolio.
The price of property in Spain is still in decline.
Demand is off the 2007 peaks and is expected to remain sluggish for the rest of 2013.
However, there is the argument that it is important that banks begin to shift their portfolios now in an effort to create a pricing floor and instill confidence back into investors in order to restart a broader recovery in the Spanish housing market.
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