The Spanish property market has more than one million new and old unsold homes.
The Spanish bank Banesto, a subsidiary of Santander, has announced a sale of 600 homes at 50% of the average market price. A first batch of 50 units of "opportunity" is being priced at less than 50,000 euros and Banesto offers special terms of financing with monthly payments of 140 to 170 euros per month for the first three years. The Spanish bank will then propose six batches of 75 homes for under 75,000 euros each. For Madrid and Barcelona, the most expensive cities in the country, a batch of 120 units less than 120,000 euros will be sold later. Perhaps the time for bargains!
The Spanish property
market has more than one million unsold new and existing home following the bursting of the housing bubble of 2008 and an oversupply of new housing. The average Spanish property price per square foot slipped to 1832 euros in the third quarter of 2010 representing a decrease of 12.8% from its peak from 2008 of 2101 euros. Note however that in some cities such as San Sebastian (€ 3,597 / m²), Barcelona (€ 3,275 / m²) or Madrid (€ 3,180 / m²) the prices exceed over 3000 € / m²