Banks still hold 24,000 properties for sale
The six major Portuguese banks alone hold 24,000 properties for sale, the majority of which houses, worth a total of 4.3Bn€.
Banks’ portfolios still have plenty of property for sale. The six major Portuguese banks alone hold 24,000 properties for sale, the majority of which houses, worth a total of 4.3Bn€. From the six banks, Novo Banco, Montepio and BCP are the ones leading the property race, owning more than 5,000 each.
Land slots, houses, flats, condos, unfinished properties and even 5-stars hotels – Choupana Hills in Funchal, Madeira, for example – are all out there looking for a new owner. Despite the numbers, more than seven thousand bank-owned properties have been sold since the end of 2017.
In the first trimester of 2019, BCP sold 1,094 properties, collecting a total of 149M€ (45M€ more than their original estimate). Meanwhile, Novo Banco is preparing to sell a new portfolio of properties – Viriato 2 – for 500M€.