Spanish bank Banesto has placed over 4,000 properties for sale “with prices of 20 years ago”, they said in a statement.
In total, 4,600 properties, which can be found on their property portal, Casaktua.com, are being promoted with an average price per square metre of 638€, “the same as the average cost per square metre in our country in 1992, according to figures from the Ministry of Development.”
These prices are “less than a third of the average price per square metre during the highest peak in prices in the first quarter of 2008, when data published by the said ministry put the figure at 2,101 euros.”
The properties average a price of 56,700 euros, with up to 80% discount, and an average area of 90 square metres and three bedrooms, El Mundo reported.
Many of the properties have been reduced by over 50%. 1,887 have been reduced by between 50% and 70% with more than 1,155 properties reduced by more than 70%.
Banesto pointed out that “all these properties have, in addition, very favourable financing conditions permitting you to acquire the properties with finance of 100% of the price of the property and with a mortgage of up to 40 years.”
A few examples of property available through the portal include a three bedroom house in Jerez de la Frontera, built to 95 square metres, available for 33,000 euros, which includes a discount of the initial prices of 76%.
A flat in Alicante, built to 67 square metres, also with three bedrooms, is available for only 27,600 euros, which includes a 72% reduction.
In the region of Murcia a 65% discount applied to a duplex apartment, built to 136 square metres, with three bedrooms, two bathrooms and a terrace, means the property can be purchased for 93,000 euros.
In Gran Canaria, you can see a house built to 80 square metres, with three bedrooms and a bathroom, available for 66,700 euros, a discount of 62%.
In the region of Madrid you can purchase an apartment, built to 61 square metres, with three bedrooms, for 101,000 euros, following a discount of 47%.