Sell, sell, sell is the cry echoing through the empty housing estates of Spain.
The leftovers from the property boom and bust are on the block at bargain prices as the banks try to off load homes they got stuck with when over-ambitious developers went bust.
Paul Williams is a sales agent for properties in Murcia and hopes for buyers: “It’s the one solution perhaps to the problem now to put these properties in the hands of owners. In most cases it’s the banks that have that problem and they have the tools to help put it right by lending to people.”
Ten percent of the 10,000 properties built by the company he works for are for sale today, never having been lived in and repossessed from the developer by the banks.
The banks are slashing prices by as much as 70 percent but the buyers will only come if they are sure the value of the homes won’t fall further.
Given Spain’s parlous financial state that is a risky bet.
Also sailing through a sea of debt, Greece is betting it can pay off some of that with long term leases of some of its uninhabited islands. It has identified several dozen and is now promoting them.
Estate agent Nikos Lagos was keen to point out how accessible is the one he hopes to find a tenant for: “This is one of the islands, of the 48 that have been selected. It’s a small paradise very close to Athens and to Athens airport. Only, I think, four hours from Paris.”
Under pressure from its international lenders to speed up privatisations, Athens has also announced it will sell almost all of its 34 percent stake in the country’s gambling monopoly OPAP.
OPAP, which is Greece’s most profitable state firm, is central to government plan to raise 19 billion euros from privatisations by 2015.
Copyright © 2014 euronewsMore about:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Now is ‘right time’ for Catalonia independence vote, says Mas | euronews, world news
- 3Vatican rocked by another paedophilia scandal | euronews, world news
- 4Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 5British Muslims’ message to ISIL: Not in my name! | euronews, world news
- 6Sweden becomes first European nation to recognise Palestine | euronews, world news
- 7Algeria: ISIL offshoot releases video threatening French hostage Hervé Gourdel | euronews, world news
- 8How nasheeds became the soundtrack of jihad | euronews, world news
- 9International tv news | euronews: European and International tv news bulletin
- 10Revealed: Europe’s capital cities where it’s hardest to be a foreigner | euronews, world news
- 11European Union News | euronews: latest breaking news and headlines about European Union
- 12Emma Watson threatened with naked photos leak after UN equality speech | euronews, world news
- 13Iceland volcano ‘pollutes Paris’ | euronews, world news
- 14Ebola: Six new suspected cases in Spain | euronews, world news
- 15Learning through “serious games” | euronews, learning world
- 16euronews speaks to Ban Ki-moon ahead of key UN and climate change talks | euronews, the global conversation
- 17All you need to know about the Ebola virus | euronews, world news
- 18US delivers technical aid to Ukraine but warns over security | euronews, world news
- 19euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 20Global warming to ‘cause 250,000 extra deaths a year’ | euronews, world news
Wires > Business
- 10:25 CET Euro zone business growth unexpectedly gains pace, prices still…
- 10:23 CET Apple CEO says to add 25 stores in China within two years – Sina
- 10:16 CET French business slump deepens as firms slash prices – PMI
- 10:14 CET French business slump deepens as firms slash prices – PMI
- 10:12 CET Bank of England’s Broadbent says underlying interest rates to…
- 10:07 CET German private sector expands in October, eases growth concerns -…
- 10:05 CET Exporters fail on pledge to curb bribery – watchdog
- 10:01 CET Slumps at Tesco and Unilever send FTSE lower