Reyal Urbis, one of Spain’s biggest developers, has filed for bankrupcy, with a €3,600 M debt (representing Spain’s second biggest bankrupcy ever).
It will leave the so-called “Bad Bank”, known as Sareb, with a hole of €350 M.
Its desperate situation has lead the giant building firm to put on the market as discounted prices some of its main assets (the top 20 are valued collectively at approx. €600 M). These include the ABC Serrano commercial complex, which comprises three emblematic buidlings dating from 1896, 1926 y 1932, located in one of the most exclusive streets in Madrid’s centre.
Another extremely attractive investment opportunity is the 8,500m2 shopping centre known as Castellana 200, due to open its doors this April.
It says it all in the title. Mariano Rajoy is considering offer non-resident property buyers the chance to have citizenship if they can afford the purchase of a 130,000€ property.
Spain has about 700,000 unsold properties on the market and this appears to be a move to help shift some of the housing stock and to get some high worth individuals onto the books and into Spain. its also a move to try and lower the “bad debt” current considered to be at about 10% of total loans.
This a isn’t a first, in Ireland you can get residency with a 400,000€ purchase and in Portugal, 500,000€.
A demostration has taken place in Palma de Mallorca in order to show solidarity to people who, they claim, are victims of the “banking and estate agency violence”. The demostration was organised after it made front page news that a man in Granada had commited suicide on Thursday hours before he was due for eviction. The organising group says this suicide was not a “one off” and that many hundreds of lives are being broken by abusive banking legislation.