Real estate companies owe a total of 320 million Euros

October 26, 2010 at 4:30 pm Leave a comment

At the beginning of 2008, the total debt that real estate companies had totalized also 320 million Euros. This was due to the credits that they had contracted in order to finance the construction of new homes. Interestingly, the current debt also sums 320 million Euros.

real estate companies owe 320 millionWhat happened? Refinancing happened. This determined the increase of interest and that’s how two years later new houses appeared, but the debt remained the same.

Of the total refinanced debt, almost 17 million correspons to the major real estate promoters in Spain. And let’s not forget: for most of the companies, a single refinancing process wasn’t enough, and other refinancings were performed. The real estate companies are now forced to revise their business plans and to maybe get ready for the worst.

We hope that, once the stock of houses is sold, the real estate companies will get back on track and end this blockage.

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Entry filed under: Kinos, News, Real estate. Tags: , , , , , , , , .

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