steviedeluxe

According to this report on Banesto (in Spanish) they're off-loading a load of cheap properties, starting at 14,800 (for a Fuerteventura flat), via their portal Casaktua.com.

http://www.eleconomista.es/vivienda/...800-euros.html

Could this be the start of the cut-price bonanza?

Fredbargate

Glad I don't own a holiday home in Fuerteventura

The cheapest housing on this development is located in the town of Puerto del Rosario in Fuerteventura, and after recording a 82% discount is available for 14,800 euros (49 euros per month)

Dick Dasterdly

I wouldn't be paid to live in Fuerteventura.

Nearest place to hell I've ever been.

avocados

It started a long time ago.

Santander started slashing prices over a year ago. Banesto a couple of months ago (without searching, I think Santander have a big share in Banesto.

There are real and proper bargains out there, if only people would stop fretting about the ongoing apocalypse!

Once the economic climate stabalises, these prices will disappear immediately, nver to be seen again.
Brilliant opportunities for people that know what they're doing.

Some of these properties are not the best, they are down right ugly, but for anyone that just wants a place to lay their head and have peace of mind that they "own" the place, there has never been a better opportunity to purchase.

HBG

I find it extremely sad (as a house owner) that prices have gone down every year for the past five years, and according to proper sources are going to keep falling for a few more years. The reasons don't need to be repeated, they're all too obvious.

A 'live' example from this very forum is a thread of only a few months ago, following a TV programme, where someone was deemed lucky to have purchased a property for 130K, down from 220K a couple of years before.

Well, he wasn't lucky at all, an identical property is now for sale at 95K.

And we're not talking about shabby flats in bad areas, but detached houses in nice areas. Albeit, not detached by much.

bobd22

One other thing following on from HBG's comment I suppose what is someones "good luck" is another persons very bad luck.

rafikiphoto

"la Caixa" seem to be taking a different route around here. They have a stock of twenty eight brand new 4 bedroom houses on a development in our village. They are offering them for rent at 144€ per month including charges and IBI. The offer is open to people with a household income of not less than 6000€ and not more than 18.600€ p.a. The contract is for 5 years 1 month. The blurb says that the 'real rent' is 288€ p.m. with 50% being subsidised by 'Obra Social "la Caixa"'.

I guess they hope that in 5 years or so things may have picked up and they can then sell them on....

Lynn R

What a brilliant idea. It's good to see some of the unsold housing stock being used to help out the less well off. I hope it catches on elsewhere.

Not quite as drastic as the example quoted in Fuerteventura, but yesterday on the way to Nerja we noticed a billboard outside a newish development in Torrox Costa (not a place I'd like to live but property there has always been fairly expensive and this particular development is one of the better ones) advertising "the remainder of stock" reduced from €310,000 to €168,000. If anybody actually paid €310,000 I bet they're gutted!

missile

It is good to see the banks are trying some novel ideas to address the problem. I am very pleased to see empty houses being turned into homes.

Friends of ours are renting from CAM bank. If and when they decide to buy, their rental payments would be deducted from the sale price.

rafikiphoto

Yes, I searched their web pages to see if "la Caixa" was offering the same but, sadly, it doesn't appear so. Also sadly, even if they were I don't think our young Spanish friends will be in a position to buy in the foreseeable future - or ever. Not sure if they can even prove their income right now

missile

I do not think our friends will be able to afford to buy either, but it is nice to have the option

rafikiphoto

Yes it is. All these young people will have a very different life from ours. I wish all of them luck, they are going to need it.

tommy.irene

Banesto offers 100 houses on the Spanish coast from 14,800 EUR


Banesto, through its real estate portal Casaktua.com, has released one hundred dwellings scattered throughout the Spanish coast with a discount of more than 80% over its initial price.


In a statement, the entity explained that the properties that are for sale have an average per square meter of 645 euros cost.

With prices from 14,800 euros, homes have an average of two bedrooms, 69 square meters.

According to the entity, all properties have "very favourable conditions that allow acquiring properties with a financing of up to 100% of the amount and a maximum of 40 years."

This promotion's cheaper housing is located in the town of Puerto del Rosario, Fuerteventura, and after registering a 82% discount is available for 14,800 euros (49 euros per month).

In addition to the hundred of homes included in this campaign, Banesto offers other 300 real estate second homes also have significant discounts.

The announcement of Banesto joins the long list of aggressive campaigns that have released other financial institutions with the objective of reducing the high stock of flats that accumulate in the balance sheet.

missile

When I was young it was not very easy getting on property ladder. The mortgage rate was over 14%. The bank of mum and dad was not an option.

Fredbargate

I remember it well.
I could only get 2.5 times my basic salary, the wifes income was not considered because she may have become pregnant.