Spanish Banks Assume High Risk to Sell Properties

 

 Spanish banks are thought to possess some €30 billion in unsold property, and to clear these properties off their books banks are willing to lend more than 100% of the value to prospective buyers. This means buyers may be able to acquire property by investing little or no capital in the transaction, while the bank assumes all the risk. Experts note that it is a policy unheard of in the rest of the world and is a sign Spanish banks believe properties have found a bottom and are prepared to start increasing in value. In some cases, it is resulting in properties being sold for half their original estimated value and being bought with money that comes entirely from the bank. For more on this continue reading the following article from Property Wire. Spanish Banks are prepared to lend over 100% on their own properties that have been repossessed, it has been revealed. They are also selling them at rock bottom prices to attract buyers so that they can reduce the amount of property on their books. According to Adam Cornwell, managing director of Feltrim International these are quality properties in desirable areas. Recent reports from a leading risk adviser say banks have around €30 billion worth of property that they can’t sell.

Celebrity sightings not uncommon in Spain

 

One of the most popular places for celebrities is Marbella on the Costa del Sol, reveals OK! Magazine, which has been a hotspot for big names since the 50s. Celebrities known to have holidayed in the resort include David and Victoria Beckham, as well as singing legend Paul McCartney. Bruce Willis and Craig David have also been spotted in Marbella over the years.

Backpacker held over 'drug fuelled' Costa Rica murder

 

 

Alfred Alexandros Mill Saunders, 20, was arrested in Costa Rica after allegedly being found emerging from a tent where a Czech woman had been subjected to a knife attack. He is understood to be the son of a leading London psychoanalyst. Local police said Mr Saunders, thought to be from west London, had blood stains on his face and clothes when he was detained by the manager of the isolated eco-farm, who heard screams coming from the victim’s tent late on Wednesday night. Alexandra Drbohlavova, 20, from the Czech Republic, died after receiving up to 15 stab wounds to her face, chest and neck, police said. Police chief Johnny Fernandez Morales said detectives believed the attack may have been sexually motivated. “Mr Mill told us he can’t remember anything about what happened,” said Mr Morales. “He has now been remanded in jail while an investigating judge looks into what’s happened. “The manager of the farm, who is a British man, heard screaming and shouting and as he approached the woman’s tent saw Mr Mill coming out with a torch in his hand.  “He shone his torch at him and saw blood on his clothes and face. He managed to apprehend him and tie him up with the help of his wife.” Mr Saunders is believed to have arrived at the farm, near the town of Colonia la Libertad in Upala region of the country the day before the incident occurred. Local news reports allege that the assailant was under the influence of drugs at the time of the attack. Mr Morales said: “The mystery is what he was doing at the farm. He turned up the day before the incident with no luggage and virtually just the clothes he was wearing. “We believe he came from Nicaragua. We know from his passport he was well travelled and had been in places like Mexico and China before. “The farm manager says he doesn’t know him and he hadn’t arranged to do volunteer work, and it appears him and his wife have taken pity on him and allowed him to borrow a tent and stay.” The organic farm, Finca La Libertad, in the north west of Costa Rica, near the border with Nicaragua and close to the Rincon de La Vieja, a national park which contains a volcano and rainforest and which is popular with visitors to the country. The farm is so remote it has no postal or telephone services. It offers working holidays for tourists. It borders a network of national parks and the farm’s website details its conservation and “sustainable living” programmes. According to its website, “Finca La Libertad strives to support local conservation efforts through sustainable living and farming practices and sustainable forest management and aims to create a replicable model of these practices for local people and international visitors. “Some of the ways we do this is by applying permaculture design, organic farming, natural building and composting.”