In the early 2000s, construction was booming in Spain. New residential complexes grew like mushrooms after the rain, and banks only managed to issue loans. Mortgages were issued not only by citizens of the kingdom and residents, but even by non-residents. Thousands of deals were concluded daily with new buyers of apartments and houses. Both individuals and legal entities were satisfied with the conditions for debt payments. All borrowers were confident in their ability to pay and had no doubt that they would be able to repay the debt. After all, there were no problems with work at that time, and the interest on loans was not high.
But three years ago, everything changed. When the crisis hit and the country's economy began to decline, many jobs were cut. As unemployment increased, mortgage debts increased. Banks were forced to confiscate real estate, which was collateral for repayment of loans. Due to the bankruptcy of construction companies, banks have turned over entire residential complexes. Currently, Spanish banks offer a wide range of so-called embargo properties. These are often new comfortable apartments located both in the city center and on the coast itself. Housing "embargoed" in Spain is now being sold first, because companies are interested in getting their money back as soon as possible. Almost every bank has its own real estate agency, through which these houses and apartments are sold.
Sometimes banks discount "embargoes" on apartments for 30-40%, or even 80% of the market value of the objects. You can find accommodation in a good area and not far from the sea for only 50 thousand euros. And banks will be happy to give you a mortgage loan for the purchase of their own facilities. You don't have to be a Spanish citizen to do this, it's enough to prove your ability to pay. A certificate of income and an employment contract are required for registration, while the monthly payment will not exceed 35% of the salary. For foreigners who do not live in the kingdom, the conditions are exactly the same. It will be necessary to translate all documents into Spanish from an accredited translator and obtain a foreigner's NIE identification card. It may take about 30 days. Mortgage loans are beneficial to banks for several reasons. They sell mortgaged real estate that they have on their balance sheet. They issue apartment-by-apartment loans. these are apartments, the prices of which will soar in the coming years.
They issue mortgages for fairly small amounts, which reduces the risk of non-payments. Each buyer can discount the final cost of housing. Banks are willing to "bid" and will consider any proposed options for potential customers. Brochures often publish only conditional prices for houses being sold, and Mortgaged real estate has become almost the only chance for families with limited income to get their own homes. Even taking into account the cost of housing, the final price looks attractive. And if you do not plan to move into a brand-new apartment by the sea, you can rent it out on very favorable terms. Or sell it in a couple of years when property prices double. Opening an account with a lending bank will be a pleasant addition to your mortgage. Most banks set up a checking account for such customers automatically and issue a debit card. As a rule, all transactions on your account here will be carried out without fees. This way you can pay bills, make transfers, and exchange currencies from the comfort of your newly purchased house in Spain beyond the beach. 1xBet offers new customers a special welcome bonus. Sign up on their website using the 1xbet promo code and receive VIP bonuses - up to €1950 + 150 free spins on casino and 130% up to €130/$145 on sportsbook. Enter this code in the registration form to get a 100% welcome bonus up to 130$. Enter our bonus code for 1XBET in the registration form and claim exclusive bonuses for casino and sports betting.
