Healthy and strong bank manager are claiming for up to a 45% discountregarding properties being transferred to the so-called bad banks, in order to maintain profitability and avoiding selling at a loss.
Negotiations with the Spanish Government are pretty intense now, as the countdown has already started: the bad bank should be working in two months, if not before.
Large Spanish banks are also considering the possibility to participate in the future Real Estate Management Office, contributing with capital rather than with toxic actives, in order to control them and preserving its reputation.
Government’s Royal Decree, referring to the Real Estate Management Office creation is not yet formerly regulated, and is only able to force impaired assets transfers to nationalized entities.
This bad bank should be able to sell at a fair price the so-called toxic assets in the next 10 or 15 years, without throttling taxpayers.
The main purpose is ensuring a greatest stability to the Spanish real estate market, maintaining its value and competitiveness regarding other destinations, and making sure buying a house in Spain is still a sure-fire investment.
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The real estate experts at Balearic properties share their knowledge and experience of the real estate market in Mallorca As international property consultants.