Spanish banks will be offering properties on hundreds of new developments to add to the hundreds of thousands of distressed and repossessed properties already on their books, according to national press reports
The banks’ portfolio additions will include new properties in residential developments that are either finished, under construction or off-plan, many of them in the capital, Madrid. They range from apartments priced from €87,500 to luxury houses priced at over €1million.
“Spanish banks now dominate new development in the capital, with BBVA and Banco Santander leading the pack,” said Mark Stucklin of Spanish Property Insight. “Solvia, the Banco Sabadell property division, is another company within the banking sector betting hard on residential development. It finished 19 projects in 2013 with 900 homes and up to October 2014, it finished a further 24 with 707 homes. In addition, it has 18 under construction (663 units).”