Spanish government wants to force the Spanish banks to drop their confiscated properties on the market and sell them at lower prices.
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Spain new Finance Minister Luis de Guindos, former director in Europe for the failed U.S. bank Lehman Brothers, has announced a reform package for a new clean-up of Spanish banking sector. The main innovation is that the banks should be forced to have a greater level of funding of their property assets in order to thus force to lower their prices on properties.
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The current funding requirement is 10 percent per year up to a maximum of 30 per cent of ordinary dwellings and up to 40 percent of vacation homes. The idea is that Spanish banks will be forced to raise the proportion of an additional year to a total of 40 and 50 percent. In practice this means that it is profitable for banks to sell off their properties with discounts up to this limit.
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The Finance Minister Luis de Guindos argues that if the Spanish banks are seriously lowers the price of their confiscated properties will lead to a general adjustment of property prices, which in turn would put life into the hard limping Spanish properties market.
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Tags: Costa del Sol, Marbella, Marbella apartments, Marbella Townhouses, Marbella villas, Property marbella, Spain finance minister Luis de Guindos, Spain vacation homes fore sale, Spanish banks, spanish banks drop confiscated properties prices, spanish confiscated apartments villas properties, spanish properties market sell cheaper
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