Spain Bad Bank
Spain’s Bad Bank (Sareb) has reportedly sold only 5% of properties it released to the marketplace at the start of the 2013.
Sareb Bank released 13,000 dwellings to the Spanish property market between February and Early March this year. By contrast barely 700 were sold in the bank’s first 6 months of operations.
The bank cites numerous challenges ranging from recording and valuing its enormous portfolio to difficulty locating a large number of properties which seemingly have no recorded address. Auditors are also finding a large number of properties also lack keys.
Sareb are hoping to start selling the first batch properties in its own portfolio to a range of investors. Successful bidders/investors are expected to be announced within the next 30 days. Interested parties include Apollo Global Management, U.S. funds Lone Star and Cerberus Capital Management.
Small agents in Spain are particularly hard hit as a result of having large amounts of stock withdrawn from the market in December 2012 when Sareb took over, unbelievably many of these withdrawn properties are still not available for Sale.
One such example Hacienda Del Alamo a high quality golf resort in Murcia Southern Spain, local Agents Hacienda Golf Properties M/D John Green says ‘given that this bank was set up to sell property it seems incredible the obstacles presented to getting sales accepted by Sareb, in the meantime we have seen a significant increase in sales of resale properties which is unsurprising given the difficulties involved with buying new ones”.
Hacienda Golf Properties are based at Hacienda Del Alamo Resort in Murcia Southern Spain.
John Green – Managing Director Hacienda Golf Properties SL
Hacienda Golf Properties SL
Tel Spain: +34 618 086 285
Tel UK: +44 7836 385310
Hacienda Golf Properties is a Spanish Limited Liability Company whose registered offices are in Fuente Alamo, Murcia Spain.
John Green is the company Managing Director and Administrator.