Bank offering properties with discounts of up to 40pc

Banesto is the latest Spanish bank to offer properties for sale with discounts of up to 40%. But the offer only stands during November, in an effort to try and nudge potential buyers into making a move sooner rather than later.

A quarter of Banesto’s stock of properties, some 1,200 homes all over Spain, are included in the offer that promises buyers “advantageous prices”. Discounts will be calculated on this year’s valuations, rather than out of date valuations from the peak of the boom, they say. That suggests substantial reductions compared to prices just a few years ago.

To help shift their stock of properties Banesto will be opening some of their branches on Friday afternoons and Saturday mornings, whilst staging their own property exhibitions in provincial capitals all over Spain like Madrid, Barcelona, Valencia, Seville and Malaga.

Super deals will also be announced every 3 days at their property site www.casaktua.com. Buy, for example, a 2 bed, 1 bath flat in built in Fuengirola in 2006 for 123,800 Euros with preferential mortgage financing of 90% for up to 40 years. For the next three days they are also offering to throw in the notary costs of a purchase free. Banks like Banesto are starting to bend over backwards to shift their stock.

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