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After poor figures of just 550 sales since February, Sareb, otherwise known as the bad bank, has decided to eliminate the 25% premium payable on all its properties.
This premium had been designed to ensure that there were strong financial incentives for the estate agencies and banks to sell the properties under Sareb’s control. It was also in place to guarantee a strong return for the bad bank’s shareholders that include the Spanish taxpayer as the bank is 45% publicly owned.
However, the premium meant that the prices were above market levels, a situation that was unsustainable in the current market.
Sareb has set itself a target of 7,528 sales this year and it was clear that it was not going to be possible to reach this without taking action. Experts had advised them that it is all very well setting prices high to guarantee good margins but if no sales are being made then the margin is 0.
Belén Romana, Sareb’s President, is prepared to lower prices as long as it does not mean selling at a loss. She has also ordered that two separate market studies be conducted on every property before sale to ensure that they are sold at market value.
[youtube:2al85e1l]Upe9Q6MpDQk[/youtube:2al85e1l]
The 2013 SIMA trade fair in Madrid. What is most notable is how the banks, including Sareb, are gaining ground on the estate agencies (In Spanish) -
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@The Australian wrote:
where do we find their listings?
https://www.bankiahabitat.es/inicio
There’s a link which says “conozca los inmuebles de Sareb” and it takes you to another listing which appears to contain exactly the same properties as the Bankia Habitat listing 😕
(oh and good luck fighting with the search tool)
If you are after bank property then Altamira (Santander) and Solvia contain quite a few properties as well.
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Wow it’s hard to keep up with the shenanigans and goings on in Spain 🙄 : Which came first ‘the chicken or the egg’ or in this case the header for this topic or the news from the end of May 2013 just days ago about Sareb? Spain’s bad bank Sareb scares off investors with high prices 🙄
http://www.reuters.com/article/2013/05/30/pg-spain-badbank-idUSL6N0DY2VU20130530
Is the header the latest, or is the recent link the latest? 😕
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