It is well published that the values of Spanish real estate have decreased from the 2007 peak.
TINSA, a Spanish property valuations group, have reported a 35% decrease, and Fitch, another ratings agency have recently forecasted that prices will fall by another 15% to 20% by the end of 2013. Some Bankers in Spain believe that banks will take another hit when the banks begin making more portfolios available to investors as they try to dispose of some of their real estate assets.
Banco Santander has already announced that it will be more agressive with the sale of its properties this year and it has already set aside around 1 billion Euro in order to be able to sell the properties with large discounts. Furthermore, there are a number of overseas investment funds which are actively looking to boost their portfolios with Spanish property in Spain.
Foreclosures rose to over 18% in 2012 resulting in the need for banks to make rapid sales. And since the domestic buyers have almost all disappeared now, Spain is looking to survive and work its way out of the property crisis by making things more attractive to international investors.
Filed under: http://www.theleader.info/article/38244/
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