Return loans to build in Spain to grow sales.
the third largest bank in Spain, lends this year 1,400 million euros (US $ 1,600 million) to fund promoters, more than double the amount recorded in 2015, said the lender. Banco de Sabadell SA delivered 850 million in loans to build homes in Madrid and Barcelona last year while the value of some of the new buildings rose to 10 percent, said Joan Bertran, responsible for real estate investments in the fifth most important bank in Spain.
We anticipate that the new offer will not reach to meet demand and this will result in healthy growth of housing prices for these new buildings, Bertran said in an interview. Now is the best time to fund and we want to get our market share.
Funding for the construction and real estate was frozen in 2008, which helped to bring about a housing collapse that forced Spain to seek a ransom of 41,000 million euros for its banks four years later. As returns buyer demand and falling financing costs, developers are building two of the largest cities in Spain, where growth in property prices and rents seems to outdo the rest of Europe.
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