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:
- 1Tesco accounting snafu now subject of criminal probe
- 2Rouble’s slump continues despite huge interest rate hike by Russian central bank
- 3Russian oligarch Yevtushenkov ordered to hand over oil company shares to the state
- 4How to get financing for a start up with no credit history
- 5Over 50 countries sign up to fight against global tax evasion
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International tv news | euronews: European and International tv news bulletin
- 3Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 4Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 5Revealed: Europe’s capital cities where it’s hardest to be a foreigner | euronews, world news
- 6European Union News | euronews: latest breaking news and headlines about European Union
- 7Sweden becomes first European nation to recognise Palestine | euronews, world news
- 8All you need to know about the Ebola virus | euronews, world news
- 9How nasheeds became the soundtrack of jihad | euronews, world news
- 10What to expect in “The World of Ice and Fire,” George R.R. Martin’s new book | euronews, world news
- 11Where is the best place in Europe for women? | euronews, world news
- 12Philippe Starck: ‘Words like longevity and legacy have become almost avant-garde’ | euronews, the global conversation
- 13Ebola: Six new suspected cases in Spain | euronews, world news
- 14Learning through “serious games” | euronews, learning world
- 15International breaking news | euronews online world breaking news in video
- 16US says ISIL makes $1 million-a-day selling oil – even to enemies | euronews, world news
- 17Mike Tyson: ‘You learn humbleness when you get older in life’ | euronews, the global conversation
- 18International news | euronews, latest international news
- 19Sweden becomes first EU country to recognise the Palestinian State | euronews, world news
- 20US delivers technical aid to Ukraine but warns over security | euronews, world news
Wires > Business
- 23:13 CET Brazil gives go-ahead to 31 solar parks in push for new energy
- 23:09 CET Former Monte Paschi management convicted as crisis mounts
- 23:01 CET Jilted Chinese supplier tells would-be U.S. reshorer -‘Not so fast’
- 22:49 CET Airbus in talks with China Aircraft Leasing for 100-plane order -…
- 22:48 CET Airbus in talks with China Aircraft Leasing for 100-plane order…
- 22:31 CET U.S. October auto sales seen rising 6 percent – Reuters poll
- 21:43 CET Shares jump, yen slumps as BOJ ramps up stimulus
- 21:26 CET Greece to define post-bailout relationship with EU, IMF by early…