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Newsletter on How is the real estate Market on the Costa del Sol -- October 2012
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RE/MAX Eralia (Oficina ppal.) Los Patios de Santa María Golf, local 13—14 29604 MARBELLA Telf. (+34) 952 831200 email: [email protected]
Spain is creating a “bad” bank for toxic property assets
By Alfonso Lacruz Associate Agent
(+34) 609 408 400 [email protected] www.alfonsolacruz.com
The Spanish government is creating a "bad bank" into which all the toxic property assets of its debt‐laden banking sector can be off‐loaded. The move is aimed at helping the country's troubled banks draw a line under the debt crisis and move on. The Bank of Spain will assess the value of the assets being transferred into the "banco malo" and the banks will receive cash, debt or shares in return. The bad bank could last 10 to 15 years. The idea is that the toxic assets being off‐loaded must have a value that will allow the bad bank to make a profit in the long‐term. However, the final regulations are not in place and there are still many uncertains about how the whole process will work. Not even how will be fixed the value of the assets to be transferred, one of the crucial points in all this matter. We will know more next month.
The cheapest of the complex. Three bed duplex penthouse on a first line beach complex 390.000 €
Competitive price and extensive marketing: sale!
Septem
ber 2
012
Only two months in the market!
Deals of the Month
La Pacheca de Benahavis. Walking distance to village life, open views and great price: 99.000 €
BENAHAVIS / MARBELLA
October 2012
HOW IS THE MARKET? News & highlights from
RE/MAX Spain sponsors and pro‐motes among its agents the courses to obtain the CRS (Council of Residential Special‐ists) certificate. CRS is the symbol of ex‐cellence in residential real esta‐te. I couldn’t lose this opportu‐nity and have already started.
What range of properties are buyers buying?
I have found some interesting official information that, although only refers to Malaga province and the first quarter of 2012, it can give an indication on what is being sold. I have to say that the data surprised me: First of all, that more than half of the properties being sold are priced below
the 150.000 € figure. In my market it is not easy to find those but it is clear that in the Malaga province a number of them are being sold.
Looking on to the next range, and this is where most of my two and three
beds are in, 91 % of the properties sold were priced below 300.000 €. Going even further, 99 % of the properties that left the market were sold
below the 600.000 € mark. Only 1 % of the properties sold in the first quarter of 2012 were valued over
600.000 €. Most of the villas are in this range. I am quite sure that the numbers for Marbella and Benahavis are somewhat differ‐ent with higher percentages on the higher levels but even if we take off the lower range, the percentage of sales over the 600.000 € range won’t be higher than 2%. I would have thought that it was going to be higher.