Last week Banco Santander and the Asociacion de Promotores Constructores de España (APCE) signed an agreement to offer mortgages of up to 100% of the transaction assuming the promoter has reduced prices by at least 20%. At the moment the offer is limited to those promoters which have financed their projects via Banco Santander. It will allow buyers to enter in to an agreement to purchase a property without the need to pay a deposit of typically 10 to 20%.
This is the first agreement by a Spanish bank to help the property market get moving again and will hopefully go some way to reducing the overhang of new build property available, which is estimated at anything between 500,000 and one million properties throughout Spain. Defintely a step in the right direction.
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