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Bankia Cancels the Sale of a Residential Portfolio Due to Economic Uncertainty

The portfolio of flats for sale had been valued at 190 million euros.

In its accounts for last year, the bank Bankia has decided to reclassify the homes into its foreclosed assets caption, since it has withdrawn them from sale due to the on-going economic and social uncertainty.

In this way, the bank has been forced to cancel the sale of a portfolio of flats valued at around 190 million euros, due to the uncertainty that prevails in the real estate sector as a result of the pandemic, according to El Economista. In other areas, the bank is maintaining an active sales policy through its various discount campaigns: Haya Real Estate and Bankia are selling 4,500 properties with discounts of up to 40%.

Read the full article in Spanish.

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