Developers and estate agents are having to come up with more creative ways of selling properties.
In an attempt to drum up interest and sell properties, international property consultants CR Richard Ellis (CBRE) has announced it will auction 190 properties at discounts of up to 32 per cent between now and early November.
With the current crisis in the Spanish property market developers and estate agents are having to be more creative about selling property.
Spanish property portal Kyero.com reported that in a recent press conference CBRE said all properties would be offered at discounts of between 13 per cent and 32 per cent, but they didn’t specify whether the discounts would be on the original asking prices or comparable market prices. In any event, according to CBRE the properties will sell at 2005 prices.
The properties in the online auction are all newly built with an average price of €200,000. They are located on the outskirts of cities in the Valencia region, Catalonia, Aragon, Andalucia and Madrid.
Kyero also reports that Spanish bank Banesto has agreed to provide 100 per cent financing for all the properties bought in the auction, with mortgages of up to 40 years. They are offering mortgages of Euribor + 0 per cent for the first two years, then Euribor + 0.35 per cent for the rest of the term.
Buyers who want to take part in the auction need to put down a deposit of one per cent of the estimated value of the property for which they want to bid.
homesworldwide.co.uk
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Property in Spain
Tags: property, real estate, spain
