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Spain’s biggest savings bank La Caixa is going to try and sell a portfolio of 12,000 repossessed properties for €1.5 billion reports the Spanish press. They are looking for a big investor to take the whole lot of their hands. Of course the homes have to come onto the market sooner or later.
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I don’t know why they believe any investor would pump €1.5bn into these properties. They will all be diverse stuff ranging from small apartments in cities to houses on urbanisations which will all attract high overheads from day one and likely reforms.
What would be the point of it? Capital gain? Unlikely for at least a decade. Rental income? Think of the headaches. Holiday lets? Never. The overheads alone plus the loss of capita income makes this idea a none starter from an investment perspective. They are clutching at straws.
These bankers are clueless. They evict the property owners who may have well turned their situation around given the chance or at least become low rent tenants. Then they find themselves stuck with the massive burden of thousands of properties they have to legally pay the overheads on. Total disaster.
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@logan, welcome to Spain. Do you find anything in Spain that is rational, common sense, pragmatic & on a bigger picture help the cause and well being of the people who live there.
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