When it comes to Spanish property, coastal villas and apartments are undoubtedly the assets du jour, but from time-to-time investors can develop a thirst for something different. Buyers that are feeling a bit more adventurous will no doubt be interested to hear that the government is planning to put some of its real estate on the market. The Daily Telegraph reported that plans have been approved to sell a number of Spanish state-owned properties in a bid to generate further revenue for the government’s purse.
Last year Mariano Rajoy’s administration announced a commission to draw up an inventory of all government property, identifying the assets that could be let go. Last week the cabinet approved the sale of 15,000 state-owned properties, ranging from office buildings to agricultural land, the newspaper revealed. The real estate will be released over a period of seven years and is hoped to contribute to government attempts to bring down Spain’s budget deficit to within the EU target of three per cent by 2016 from 7.1 per cent of GDP recorded last year.
Among the properties to be offered are disused army barracks, an aerodrome on the island of Minorca, a military shooting range and office buildings. There are also expected to be ten buildings “considered unique”, which will be highly fought over among commercial investors. These include a mansion house on Madrid’s central avenue, the Paseo de la Castellana – former house of the secretary of security, and a country estate in Andalusia. According to the Daily Telegraph, the first batch of real estate to go under the hammer will be the former headquarters of the RTVE and a disused army barracks in Seville.
With Andalucia now so popular among tourists, hoteliers will no doubt be drawn to the latter as possible redevelopment opportunity. The area continues to draw in holidaymakers for its stunning beaches, breathtaking mountain scenery, climate and cheap property prices.
Mark Stucklin, founder of Spanish Property Insight, told the newspaper: “There will be some real gems in the portfolio I am sure but also a lot of dross. Those properties that will be sought after are those of historical or architectural interest in the most sought after areas of cities. But it will boil down to the price. There will always be interest in good real estate by foreign investors if it is sold at a bargain.”