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SPAIN’S BAD BANK TO HELP SPEED UP SALES OF SPANISH PROPERTY

Sareb, Spain’s “bad bank” has announced that it has an agressive timetable for liquidating it’s EUR 50 billion portfolio.

The bank has said that it has plans to sell around 42.500 housing units over the next five years. This represents around 50% of it’s entire Spanish property portfolio.

The price of property in Spain is still in decline. Demand is off the 2007 peaks and is expected to remain sluggish for the rest of 2013. However, there is the argument that it is important that banks begin to shift their portfolios now in an effort to create a pricing floor and instill confidence back into investors in order to restart a broader recovery in the Spanish housing market.

Spain’s finance minister, Luis de Guindos, recently told a parliamentary committe that Sareb was aiming to off-load around EUR 1.5 billion in 2013.

The five year plan for Sareb was agreed late on Wednesday evening. It sets out a revised profit forecast which has reduced the annual return which investors can expect from 15% to between 13% and 14%. The bank will operate for fifteen years after which it will be closed down.

Nationalised banks have already transferred the bulk of their toxic property portfolios and bad loans to the bank which now has a portfolio of around 200.000 assets worth around EUR 50,45 billion. This includes 6.300 rented properties, 84.300 loans, 14.900 plots of land, and some 76.000 empty homes.

Filed under: http://www.theleader.info/article/38302/

Car and Motor Insurance | Spanish Home Insurance | International Money Transfers | Send Money to Spain | Spain Property | Online International Payments | Property in Spain
Costa Blanca Property for Sale | Cabo Roig Property for Sale | International Payments |

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Sareb, Spain’s "bad bank" has announced that it has an agressive timetable for liquidating it’s EUR 50 billion portfolio.

The bank has said that it has plans to sell around 42.500 housing units over the next five years. This represents around 50% of it’s entire Spanish property portfolio.

The price of property in Spain is still in decline. Demand is off the 2007 peaks and is expected to remain sluggish for the rest of 2013. However, there is the argument that it is important that banks begin to shift their portfolios now in an effort to create a pricing floor and instill confidence back into investors in order to restart a broader recovery in the Spanish housing market.

Spain’s finance minister, Luis de Guindos, recently told a parliamentary committe that Sareb was aiming to off-load around EUR 1.5 billion in 2013.

The five year plan for Sareb was agreed late on Wednesday evening. It sets out a revised profit forecast which has reduced the annual return which investors can expect from 15% to between 13% and 14%. The bank will operate for fifteen years after which it will be closed down.

Nationalised banks have already transferred the bulk of their toxic property portfolios and bad loans to the bank which now has a portfolio of around 200.000 assets worth around EUR 50,45 billion. This includes 6.300 rented properties, 84.300 loans, 14.900 plots of land, and some 76.000 empty homes.

Filed under: http://www.theleader.info/article/38302/

Car and Motor Insurance | Spanish Home Insurance | International Money Transfers | Send Money to Spain | Spain Property | Online International Payments | Property in Spain
Costa Blanca Property for Sale | Cabo Roig Property for Sale | International Payments |

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