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.
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