Nearly 140 properties sold in just one week on the Costa del Sol

LAST UPDATED: 24 Jul, 2012 @ 17:25
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Nearly 140 properties sold in just one week on the Costa del Sol

By Rund Abdelfatah

A BANK has sold 138 properties in just one week on the Costa del Sol, after slashing prices by up to 78 per cent.

Banco Sabadell sold the collection of properties, all in Manilva, through real estate company Magnum & Partners.

Prices ranged from €56,000 for a one bedroom flat to €123,500 for a four bedroom property, in the Urbanizacion Punta Paloma complex.

The prices represented a cost of €680 per square metre, a huge drop from the more typical price of €1,700 metres per square metre that buyers would normally be expected to pay on the Costa del Sol.

The development had been built by the Noriega company, which was declared bankrupt in 2010, before ownership of the properties was then transferred to the Banco Sabadell for a token price of one euro.

Banco Sabadell has acquired no less than 25,000 assets across the country in the hope that their strategy of buying cheap property and immediately marketing it at low prices will help stimulate the property market.

 

10 COMMENTS

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  1. THIS IS THE BLOW OUT BABY

    Spain is getting ready for the blow-out-property sale of the century

    But wait when you buy any crappy illegal build condo you also get a shitty glued together shopping center 100% FREE yes absolutely FREE and thats not all blue eyed Folks – For the first ten-thousand viewers we also throw in an airport, a hospital and your very own train station ……..

    Next week we will throw away banks and cajas by the dozens COME FIRST serve first – This throw away will include all competent staff with and without tie …….

    Be there or be square and I hear even the Greek middle class is coming down for a bargain.

    So hurry on down and don’t forget the cash.

  2. When property gets cheap enough it will sell, however some people have a mortgage bigger than the value, and some people just can not afford to give their dream away unlike big banks, all profit for them. Unfortunatly now everyone will expect these prices, so where can I get a block for one €

  3. Are they CONFIRMED LEGAL – so the Buyers can sell them in the future? Here in Marbella, some properties are for sale at low prices – even though there is a COURT DEMOLITION ORDER on them! Truly a sucker is born every minute

  4. Well… banks have to get SOME money, SOMEhow…
    even a bailout without REQUIREMENT they loan more money out.
    GREAT for the Bank Execs who oddly get a BONUS even when their Bank loses Millions of euros. If RBS, Barclays, et al can do it…. WHY NOT?
    Any real estate pro would tell you that if the Bank Seller transfers Ownership at these greatly reduced sale prices, it ALSO REDUCES future property sales in that immediate area.
    A shame, Minilva used to have nice vineyards & Spanish style quite living. Now it, Sabinillas, La Duquesa, Estepona are so overbuilt they are like rabbit dens = worthless properties.
    That OVER building (and some IL legal)will SURELY depress that areas property market for 2-4 years. Lousy investments and those “allowing” it to happen. Follow the money.

  5. I think Mary is in the property business (came across her in the 90’s in Gaucin?) Hope she is still doing it as times are really hard for all estate agents!
    I do understand people cannot afford to sell their dream home/investment property for a fraction of what they paid for it, but if it was bought when things were over-inflated, it is a no win situation.
    We are just glad the house we recently bought the vendor wanted a quick sale and we did the deal. But there are still reformed townhouses in our street that have sat empty for 6+ years as the owners want a return on their investment. (One wonders if they will ever achieve this?)
    PS – We did look at bank reposessions, but they wanted us to have a mortgage with them – at inflated prices.

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