Discounts of 78% of the original prices were offered.

Here is a rare story about recovery in Real Estate. 138 flats have been sold in a week, some of them at a discount of 78% on their original selling price. The real estate company, Magnum & Partners has sold the complete promotion of 138 properties in the Urbanización Punta Paloma in Manilva.

One bedroom flats went for 56,000 €, Two bedroom for 76,000, and three for 93,500 and four for 123,500. That is equivalent to 680 € per square metre, when prices higher up in the Costa del Sol are no lower than 1,700 €/m2.

The development had been built by the Noriega company, which belonged to the Sánchez Ramadé family from Córdoba, and which was declared bankruptcy in 2010. The properties were then owned by the Banco Sabadell which paid 1€ to the Caja de Ahorros del Mediterráneo, CAM.

Banco Sabadell has integrated its real estate offer with the CAM, and has accumulated nothing less than 25,000 real estate assets across the country. With this new strategy the Banco Sabadell wants to accelerate the sale of its properties, garages, plots and shops. To promote the plan, the bank has a group of 300 salesmen based at their offices in Barcelona and Alicante.