Spring REO Sales in Banks

31/03/2014 – Expansión

CaixaBank, Bankia, Sabadell, BBVA, Santander, Popular, España Duero, Bankinter, Unicaja, Grupo BMN, Ibercaja and Kutxabank speed their sales up by applying unique discounts reaching 70%. (…).

The latest data shows that in several regions, such as the Community of Madrid, the Balearic Islands and Galicia, housing prices began to rebound.

(…) Great majority of the banks apply discounts on holiday property in areas whith stock in excess and on used houses in zones of smaller interest. On the contrary, in Madrid, Barcelona, Valencia or Seville some entities have raised prices with view to emerging economic recovery.

REO Property Showcase

CaixaBank, together with Servihabitat, has got over 14.400 houses for sale located mainly in Catalonia, Valencia, Andalusia and the Canary Islands. Last year it sold 29.132 properties for €5.3 billion. Among the campaigns targeting at stock reduction, noteworthy is “Tú propones el precio” (“You suggest the price”) (…). One of houses embraced by the offer is situated in Carcaixent (Valencia), has got a 250 square meter area and is available from €161.000.

Presently, Bankiahabitat.es sells more than 24.500 properties out of which more than a half are houses. The bank offers a 45% discount on value before the bubble burst. (…) Few weeks ago, Bankia launched a campaign for 300 dwellings situated in the Community of Madrid at bargain prices 40% off. Also, in Alicante, Valencia and Toledo the entity offers real deals. In 2013, it sold 7.300 units.

Sabadell´s Solvia hanged the “For Sale” board on 17.269 propeties, out of which 8.154 are houses sold at almost half of their original price in Madrid and Barcelona. (…) In 2013, the group sold 18.501 units, by 34% more than a year before, for €3.1 billion. Few weeks ago, the bank ran “Personal Advisor” initiative and a new auction scheme applied to 9% of its total sales that brought an increase in prices by 16%. At present, Sabadell is developing 1.296 houses and plans to promote various projects on land. (…).

With help of Anida, BBVA sells houses with 70% discounts. Last year they sold 14.390 units, by 43.2% more than in 2012. This year the bank targets at 1.000 properties per month supported by “Tu precio” (“Your Price”) campaign. (…).

Altamira, the former Santander´s real estate firm that is held by Apollo (85% of stake), sells via its website 14.000 properties, including 6.000 dwellings. On the portal one finds a slogan that in Altamira “we would like you to look beyond a house”. One of the campaigns involved selling at prices from the 90s. There are houses from €31.000 in Alicante for up to €70.000 in Las Palmas.

In total, Popular has got 10.614 assets for sale, out of which 5.332 are houses at average discount of 11.7% and maximum of 30%. A great majority of property managed by Aliseda, in which Popular holds a 49% stake, are located in Andalusia, Valencia and Catalonia. In the first two months of 2014, the entity practically tripled sales in reference to the previous year. In January and February it sold €131 million in property, while a year before a mere €46 million.

España Duero´s Giasainversiones.es trades more than 3.500 properties (1.900 houses). The group transferred to Sareb 18.115 units valued at €3.1 billon currently offered on its website and mainly found in Valladolid, Burgos, Madrid and on the coast.

In turn, Bankinter has been less vulnerable to the recession and right now possesses only 3.000 properties for sale, most of them houses. Through the bank´s office and APIs networks, in 2013 it reduced its REO portfolio by 1.762 assets valued at €240 million, more than 38% of the total. The entity pursues at raising sales by 15% to €275 million this year.

The next group markets around 5.000 properties on its website www.unicajainmuebles.com. The financial entity has got plenty of stock in Andalusia. In its catalogue one may find wide variety of property, ranging from simple houses in Valencia for €23.000 to historical estate in Cadiz for €269.000.

The BMN Group consists of Caja Granada, Murcia and Sa Nostra. It granted 16.000 properties estimated at €5.8 billion to Sareb. In the last quarter it sold a thousand units and expects to conclude the year with 5.000 properties less in the protfolio. Through a campaign in which the bank offered 50-inch television sets, it closed sales of 500 houses.

Catalunya Banc and its CX Inmobiliaria trades 2.800 dwellings with a mean discount of 35%. About 60% of all properties are located in Catalonia and around 20% in Levante. In 2013, the real estate company sold 6.000 assets for €680 million. In 2014, it has already sold 1.200 units for €150 million. The entity launched a campaign on its new houses.

 Ibercaja, a Zaragoza-based group, applies 40% discounts on its 2.000 properties. This year it expects to sell 1.000 dwellings.

Kutxabank has got 1.281 REO assets for sale, including 1.039 houses. This year the bank wishes to sell 1.900 units for €336.4 billon. Mean discount is of 10% and on www.kutxabankinmobiliaria.es one may find houses in La Rioja at prices ranging from €23.000 for an individual house to a house in Biscay for €470.000 with 40% discount applied.



Original article: Expansión (A. Antón/D. Esperanza)

Translation: AURA REE