Developers and banks team up to offer discounted Madrid properties
Developers and banks team up to offer discounted Madrid properties
Spanish banks and developers are offering discounted properties in Madrid. Several leading banks will team up with developers to provide mortgage financing for the newly built homes, which will be available for 20 per cent less than current market costs.
In order to sell the 25,000 new properties in
Madrid that are currently without buyers, their developers are promising to sell them at a
discounted price, according to Spanish Property Insight. The homes will be sold for a maximum of between €2,000 and €3,000 per square metre.
To ensure that the buyers of the properties can get financing for their purchases, leading banks such as Santander, BBVA, La Caixa, Caja Madrid, Popular and Banesto will work alongside the developers involved to offer
mortgage financing.
The exact price of the property will depend upon its district in Madrid, but according to the maximum price limits a 100m² flat would not cost more than €320,000. According to the regional government this represents a 20 per cent discount on current market prices.
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12 August 2008
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