Spanish banks finally come clean about €180bn of problematic property loans.

[alreadypacked]

This was Ireland 4 years ago, not sure how or why the Spanish have hidden this for so long.

Spanish banks have about €180bn of problematic property loans on their balance sheets, which were made during Spain’s decade-long housing bubble.
The government hopes that by forcing further provisions, the country’s banks will be able to write down property asset prices to levels where they can then be sold, restarting the country’s stagnant real estate market and freeing up banks to be able to lend to the wider economy.”

World business, finance and political news from the Financial Times

Cheap property in Spain, anyone?

The important thing is to get to a level of provisions where property assets become liquid, whether you can write them off, sell them or put them in a bad bank,” said Iñigo Vega, a banks analyst at CA Cheuvreux. “That will be the turning point, as you can then take the assets from the balance sheets of the banks.

[AtW]

Climate much nicer in Spain than Ireland.

[MrMark]

They've already had "fire-sales" of apartments at discounted prices - they quickly got snapped up by locals. You'll never find out about the decent stock in time, unless you live there. It'll be the rubbish costa-lotta stuff that you'll be shown

Insight: Bank stampede keeps Spanish real estate on the ropes | Reuters
El Sabadell vende en Canet 300 apartamentos en menos de un mes. Las Provincias