LATEST NEWS, GOSSIP AND HUMOUR FROM CHERSUN

Spanish Banks Offload Properties with huge discounts before the Bad Bank is launched.
 

You may have heard that the Spanish Government are setting up a Bad Bank but what exactly is the Bad Bank.

Spain's so-called Bad Bank ( Official name SAREB) will buy billions of euros worth of real estate from the distressed Spanish Banks for around half the book value. The banks will then get shares in the Bad Bank and this will then reduce the liabilities of the banks who have removed the negative real estate values from their balance sheets.

As the banks would prefer to get cash in before the deadline of 31st December 2012 the banks have been reducing the prices for their bank repossessions to record lows so that they can get money in before they have to transfer their real estate into the Bad Bank .

The Bad Bank will then sell on the properties to investors over a 15 year period offering returns on average of 14%.

It all sounds very good but it appears that the property market will still be flooded by cheap properties but instead of from 16 Spanish Banks the properties will be from the Bad Bank.

To take advantage of the large discounts before the deadline of 31st December 2012 please confirm your property criteria and budget and we will send you a shortlist of suitable properties. For more information contact sales@chersun.com

JET2.COM ANNOUNCE NEW FLIGHTS TO MURCIA FROM GLASGOW

Jet2.com has announced that it will start flights from Glasgow to Murcia which take off every Monday and Friday from 24th May 2013, with fares starting from £41 per person.

This new route with benefit the every growing number of Scottish buyers who are trying to escape from the atrocious weather that hangs over Scotland.

Apart from the cheaper drink many of the Scots will no doubt take part in the bull running festivals

The bar owners in Murcia are celebrating as it looks like it will be a good financial year for them in 2013.

Murcia Hosts European Golf Tour Qualifying School.

The European Professional Golf Tour held their second qualifying stage at the superb El Valle Golf Resort and the outstanding Las Colinas Golf and Country Club.

With the opportunity to qualify to play on the European Golf Tour many of Europes up and coming young golf professionals headed to Murcia to take part and to hopefully qualify for the Final Stage.

The fact that the European Golf Tour are staging the event in Murcia highlights the quality of golf courses that we have here. For more information about the European Tour visit www.europeantour.com

For more information about the Murcia Golf Scene visit www.clubmurcia.com


Murcia New International Airport Update.

It was announced this week that it is likely that the new Corvera International Airport and the existing San Javier airport would both remain open during a transition period whilst the full transfer of flights to Corvera takes place.

It was also announced that as usual there is no date as yet for the new International Airport to open . It is typical Spain that it takes so long for the bureaucrats to makes decisions , with the airport all completed and ready to open we all ask ourselves why the delay.

In todays economic climate you would think that the Murcia Government would be pushing hard to get the International Airport open and increase the number of visitors to the region.

As they say WATCH THIS SPACE .


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These Were The Days...

These were the days when property prices continued to rise and I played against Glasgow Rangers when they were a top European Side. Watch out for the young No5 for St Johnstone.
Rangers v St Johnstone - Scottish Cup Semi Final 1989

We hope you have enjoyed this months newsletter and do not hesitate to contact us at sales@chersun.com if you require further information or an update on the property market.

Best regards

The Chersun Team
www.chersun.com
Mobile 0034 610914850
UK 0131 208 6373