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The Government wants Russian tourists to be able to enter Spain without a Visa |
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Tourist Board is carrying promotional activities in Russia, focusing specifically on Marbella |
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2013 Holiday Season Start with New Destinations to Malaga Airport |
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Ryanair, Air Lingus, Vueling, Turkish & Delta Airlines will start new Routes to Costa del Sol |
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European Court Rules Against Spanish Mortgage Laws |
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Suspending eviction proceedings while deciding whether the terms of a loan are unfair... |
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Nasir Bin Abdullah & Sons may loose the Marbella New Port Concession |
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Sheikh Al-Tani has been given three months to pay dues or lose La Bajadilla port project |
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Spanish Real Estate News & Lifestyle |
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Spanish Banks strive to finish buildings and become more proactive
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Half of the seven thousand unsold properties on the Costa del Sol are now in the hands of the banks
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The Governments most recent financial reform is forcing banks to dig themselves out of a hole that they helped to make in the first place.
Mortgage default and repossessions mean that now financial institutions are the owners of around half of the 6,792 unsold new properties on the Costa del Sol (according to a recent report). Now, following Spains most recent financial sector reform this stock of real estate assets and loans granted to developers are costing the banks more and more in the form of provisions.
As a result they are doubling their efforts to sell, which in many cases implies first finishing off the construction work where indebted developers left off.
“Now the bank is penalised more for having unfinished properties than finished ones” explains a lawyer from a well known firm that works for credit institutions. He confirmed that finishing projects is part of the banks current strategy, but providing two conditions are met: the works must be at an advanced stage and have certain prospects for sale (especially if there are buyers who have paid a deposit).
Projects such as Valle Romano in Estepona, Arenal Golf in Benalmádena and the Félix Sáenz building in Malaga are examples of the trend. The banks have finished the construction work and the properties are on sale.
The recent report on the Costa del Sol real estate market, explains that 98 per cent of the unsold stock of properties is now finished. Meanwhile the total number of homes in this situation has fallen by 12.35 per cent in the last year, evidence that the banks have become more proactive in promoting sales.
A spokesperson for one banking group explained the current situation: “There are three types of property: undeveloped land, which is not moving, unless it comes with a very attractive project; finished dwellings, which the banks are now using aggressive strategies to sell; and unfinished properties, which until a year ago were abandoned, but work is now being resumed”.
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We look forward to helping you to reap the benefits on the Spanish Bank Repossessions!
Source: Sur in English
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