CB Richard Ellis to auction Spanish homes at 2005 prices

News on Spain

With the Spanish property market in turmoil, and agents and developers struggling to sell residential stock, international property consultants CR Richard Ellis (CBRE) have announced that they are auctioning 190 properties at 2005 prices.

The company says that the online auctions, which are taking place between now and early November, are offering homes at discounts of between 13% and 32%. However, it didn’t specify whether the discounts would be on the original asking prices or comparable market prices. Nevertheless, the properties will sell at 2005 prices, say CBRE.

The homes in the online auction are all newly built with an average price of around €200,000 (£161,000), and are located on the outskirts of Spanish cities across the country, including the Valencian Region, Aragon, Andalucia, Madrid and Catalonia.

The Spanish bank Banesto has agreed to provide 100% financing for all the properties bought in the auction, with mortgages of up to 40 years. They are offering mortgages of Euribor +0% for the first 2 years, then Euribor + 0.35% for the rest of the term.

Buyers who wish to participate in the auction have to put down a deposit of 1% of the estimated value of the property for which they want to bid.

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Information provided by Homes Overseas | © PropertyIndex.com 2008 | Last Updated: 10 October 2008