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:
- 1Israel announces it will seize 400 acres in West Bank | euronews, world news
- 2#ن: How an Arabic letter was reclaimed to support Iraq’s persecuted Christians | euronews, world news
- 3Japan sounds bluefin warning, calls for 50% catch cut | euronews, world news
- 4Ellen MacArthur: making waves on a journey to a circular economy | euronews, the global conversation
- 5Hoverbike on the horizon | euronews, hi-tech
- 6China executes eight Muslims convicted of terrorism | euronews, world news
- 7Putin T-Shirts flying off the shelves at Moscow megastore | euronews, world news
- 8Everything you need to know about the Ebola virus | euronews, world news
- 9Ukraine accuses Russian aid convoy of stealing factory equipment | euronews, world news
- 10Massive Swedish forest fire is declared a national emergency | euronews, world news
- 11EU leaders name Donald Tusk European Council president | euronews, world news
- 12Man, 27, fails in suicide bid after tigers reject chance to eat him | euronews, world news
- 13Risk of fresh ash cloud threatens European air travel | euronews, world news
- 14Canada sends hilarious barb to Russia over Ukraine ‘incursions’ | euronews, world news
- 15Iceland warns Europe’s airlines of possible volcanic eruption | euronews, world news
- 16Beyond the subconscious | euronews, futuris
- 17Bardarbunga volcano in Iceland continues to rumble | euronews, world news
- 18Poland wants compensation from the EU for Russian import ban | euronews, world news
- 19EU’s Russia sanctions doing more harm than good says Hungary’s PM Orban | euronews, world news
- 20Greek farmers suffer in economic war between Russia and EU | euronews, economy
Wires > Business
- 12:28 CET UK accounting watchdog fines Mazars two million pounds
- 12:14 CET Japan’s ‘Abenomics’ feared in trouble as challenges build
- 12:09 CET German August car sales down about 0.5 percent -source
- 12:08 CET Quantitative easing hopefuls may be disappointed as Draghi plays…
- 12:05 CET Top pension funds see total assets near $15 trillion – research
- 11:41 CET Greece sells 1.14 billion euros of 6-month T-bills, yield eases
- 11:35 CET Aston Martin CEO hire adds to Renault-Nissan exodus
- 11:29 CET UK grid requests backup capacity to fill potential winter supply…