More properties sold in the Canaries
The effect on the property market of the sales of repossessed homes held by banks has put the Canaries at the head of property sales in Spain.
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June saw 1,618 properties changing hands, 25 per cent more than last year. However, the bargain basement sales by the banks have also pushed prices lower. Builders and developers see the data as promising, but see the banks actions as "unfair competition". Plácido González, Vice President of the Canarian Property Managers Association (Acegi), claims the increase in sales is because the banks wanted to get the cash in their tills before the end of the half year and is particularly high in the Islands because, "the Canaries is one of the regions with the highest number of homes in the hands of the bankers".
Island connections article. :)