We were at our Bank branch recently and while the lady of the villa did her banking business, I looked at the local properties for sale. The bank have a list of repossessed properties in the Branch.Lo and behold, what did I see? But the houses in the next urbanisation for sale, not one house but up to a dozen.
It seems the Bank, imprudently, gave a loan of about 1.2 million euros to an ‘entrepreneur’ so that he could buy the properties off plan. The recession came and the entrepreneur walked away leaving the bank holding the properties.
180,000 euros is the asking price per villa, it is a no goer. 100,00 euros is more like it. Someone, presumably the bank, will take a hit.
No comments:
Post a Comment