Categorized | International

Spain’s Largest Regions Look to Sell Properties

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As Spain continues to deal with its own debt crisis, two of the country’s largest regions are looking to cut its budget deficit but selling off a massive selection of real estate. The two regions, Andalusia and Catalonia, are pushing to sell as much as one and a half billion dollars in the real estate by the year’s end so as to limit property costs.

In order to ensure that sales are made, the two regions are selling off some of their best prime properties. Spain is hoping to avoid falling into a financial situation similar to that which has crippled Greece, Ireland, and Portugal. As such, they are offering their very best with hopes that sales will be finalized, and enough income is generated to reduce the budget deficit.

Some of the properties being offered by Catalonia include the Barcelona Stock Market, and the Catalan Agriculture Ministry. Andalusia has put up for sale the cultural department in Granada, and various youth centers in Malaga. Three companies are handling the sales on behalf of the Spanish government. These three companies include Jones Lang Lasalle, Aguirre Newman, and BNP Paribas.

If there are any doubts that the two Spanish regions will not be able to reach their target sales goal by the end of the year, they may as well be eliminated, as officials are reporting that they have already received more than ten offers to buy the real estate. Each of the ten offers apparently is in excess of the one and a half billion dollars that was established as the sales goal.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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