Banks in Spain own real estate in amount of €30 billion

Banks in Spain own real estate in amount of €30 billion

Banks in Spain own property in the amount of €30.4 billion. Typical apartments in Spain from bank cost around €150 thousand, so that this sum is equal to 200,000 apartments, reports ee24.com citing noticia.ru.

According to La Caixa, half of that amount is housing taken from individuals - ordinary consumers, who ceased to pay out their mortgages. The second half (€14 billion) was received from bankrupt developers.

In addition to housing in the amount of €30.4 billion, banks also have another properties in Spain worth of €6.1 billion: garages and different kinds of premises. The number of objects that banks own increased by 14.5% in 2013 - not as much as in previous years.

Roman Pylypchuk, managing partner Ino Estate, told ee24.com, what's the benefit of buying real estate in Spain from banks: it's cheaper, because banks only want to get their money back and don't seek to make a profit.