Association of clients of banks and insurance companies (Adicae) accused Spanish banks of selling real estate at a price higher than the market, reports ee24.com citing adicae.net.
Banking property can cost up to two times more expensive than housing offered for sale by private individuals. As an evidence Adicae has compared 96 similar properties worth up to €150,000 on the balance of realtor departments of six branches of Spanish banks and privately owned ones. Almost half of the sites (45) was cheaper from private vendors. The average difference in price was 20.36%.
For example, an apartment in Tarragona, offered for sale by the large bank BBVA, worths €90,500. A similar apartment on the same street, but owned by a private person, is worth only €39,000. This is 56.9% of the price difference. In Valencia, this difference is 53.1%, while in Madrid it is 51.4%.
In addition to high prices, banks are blamed for giving inadequate information about properties. It can mislead the potential buyer , and prevent him from adequately assess the quality and the real cost of the proposed facility.