21 December 2016 – Expansión
Grupo Cooperativo Cajamar has put more than 2,500 properties up for sale, with discounts of up to 30%. The assets are located all over Spain, including in major regional capitals, commuter cities and small towns, according to a press release issued by the entity yesterday.
This offer from the rural saving banks of the Cajamar group will be known as the ‘Christmas Campaign’ and the discounts will apply until 31 January 2017.
The supply includes both urban and coastal properties, as well as new builds and second-hand homes. Most of the properties are located in Andalucía (890) and the Community of Valencia (790), followed by Madrid (260), Murcia (160), Cataluña (140, 60 of which are located in Tarragona) and Castilla y León (140, 110 in Valladolid).
Doubtful debt rate
As at 30 September 2016, Cajamar’s doubtful debt rate stood at 13.77%. At the height of the crisis, it reached 17%, as a result of the entity’s absorption of Ruralcaja, without any public aid, making it the entity with the second highest rate in the sector in Spain. The doubtful debt rate of its property developer business amounted to 79.04%, well above the average for the sector (25%).
The total number of doubtful assets has decreased by 20.4% in the last year, particularly thanks to the sale of a batch of loans worth €328 million. The coverage ratio amounts to 47.62%. The entry of foreclosed assets onto the balance sheet has decreased by 12.61% in the last year and now amounts to €491 million in gross terms. Sales have increased by 35.62% to €257 million.
Cajamar has an agreement with Haya Real Estate to sell its properties to individuals.
Original story: Expansión
Translation: Carmel Drake