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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.

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for last year, the bank Bankia has decided to reclassify the homes into its foreclosed assets caption, since it has withdrawn them from sale due to the on-going economic and social uncertainty.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