Surge in bank-owned spanish property sales predicted

An analyst is predicting a surge in sales of bank-owned property in Spain.

Lenders have approximately 400,000 properties on their books, according to Aura Real Estate, more than they have publicly declared. After waiting for the market to stabilise, an onslaught of repossesed property sales is imminent, they predict.

“The gap between asking prices and bids is narrowing,” Fernando Acuna, head of Aura, told Bloomberg. “Given the sheer amount of product available, we foresee a huge amount of bank-owned real estate and non-performing loan portfolios being sold in coming months.”