The CAM bank has the largest number of repossessed properties on the Costa Blanca ,with more than 2,500 in its Mediterranean property division.Valencia based Bancaja has 800 in its Bancaja Habitat portfolio.They have 134 in Alicante Province,240 in Valencia,59 in Castellon and 24 in Murcia plus others in other coastline areas of Spain.
These banks are starting to sell off some of these properties at up to 50% discount off their market value.Banks have become major estate agencies and as well as the discounts they are able to offer special mortgage repayment deals.
One example on the CAM site is a 98m2 apartment in Elda town for just under 36,000 euros.Banesto is currently doing more than 100 transactions per month and is also selling via other external agencies including Frank Knight.Several banks are auctioning homes .Caja Madrid is auctioning via Reser a specialised auction house.
Caixa Catalunya is renting at least half of its 3000 repossessed homes and selling the rest at a 30% discount.Some banks are even offering mortgages which can be paid back over 40 years .
The National Institute of Statistics has said that the plunge in property sales has slowed down in Alicante Province due to the increase in the number of mortgages issued by the banks.The fall was registered at 9.62% which when compared with a 32% drop at the same time last year is a considerable slow down .The banks have started to lend again just to get rid of the properties on their books .Experts say that this does not give an accurate picture and they feel that the house sale market has further to go downwards.Property sales will continue to fall according to them
