Banco Santander has decided to sell it's entire real estate portfolio, even though this is likely to provoke a huge loss. Tha banking entity, which is chaired by Emilio Botin, is looking to sell the nearly 29,000 properties available in it's portfolio with the intention to close these operations by the end of the year at any price, even if it involves him writedowns.
To dispose of these assets, the bank intends to hold a competition to award the sales mandate to a specialized entity, such as Aguirre Newman, Richard Ellis, Knight Frank and the like, with which it is already holding meetings
In addition to the properties seized and taken by the bank from (the most part) developers, Santander also wants to dispose of property held within the range of Banif investment funds, which are valued somewhere in the region of 2,500 million euros.
In short, this means that there will continue to be real pressure on Spanish property prices over the next few months as properties flood onto the market. Note to vendors, reduce prices now if you want to achieve anything like you are hoping for. Contact us now at info@ultimatehomes-spain.com to discuss how we can help you sell your property
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