New banks are starting to reduce their real estate exposure
The real estate sector has crestfallen, but yet we have some positive marks: some of the old Spanish savings banks, as Novacaixagalicia have managed to reduce their real estate exposure by 500 million euros during the first 8 months of 2012.
These figures, published by the Galician bank, correspond to the 5,000 properties being sold between January and August 2012. This huge sale has not only affected the bank's homes, but also real estate companies financed by the bank.
Buying a house in Spain is still attractive to buyers, especially now with the small prices as long as you have enough credit to assume required guarantees to purchase a property.
In this sense, many people criticize bank's lack of credit to purchase properties that are not included in these assets. That's why buying luxury properties in Spain, remains the best option. This sector is the strongest even during the crisis, as foreign investors maintain a high purchasing power.
What's more, many efforts are made to find solutions to avoid selling properties. According to the National Statistics Institute, housing sales dropped 2.5% in 2012 compared to 2011, while transfering fincas is growing around 3.9%, according to Statistics on Rights Property Transfers.