New flat in Barcelona on sale for just 115,000 euros
Finding a flat on sale in Barcelona for less than 300,000 euros was unimaginable a year ago. However, it is now a reality because prices have fallen a great deal since 2007. For example Procam, which is a subsidiary company belonging to Caixa Catalunya, has put a newly built flat on sale for just 115,000 euros. The flat is located in the neighbourhood of La Sagrera, the area where the new AVE station will be situated and is 103 square metres.

In fact there are property bargains to be found throughout Spain at the moment. Caixa Catalunya has placed 3000 properties on sale throughout the Peninsula with discounts of up to 30%.

The discounts have been made principally by the property promoter Procam because of the lack of buyers or because many people who had planned to buy have backed out due to the lack of available credit. Some of the flats on sale are the result of repossessions.

During its first few days the web page showing the discounted properties has received around 1000 visits a day.

Caixa Catalunya is also using its network of 1,200 offices to promote the discounted properties which include houses, flats, offices and properties for rent. In addition, Caixa Catalunya is also focussing its attention on large investors offering them the possibility of investing in properties both in Spain and abroad.

Like many other financial institutions the Caixa Catalunya created three subsidiary companies last year in order to manage its portfolio of properties – Gescat Habitatges, Gescat Solars and Activo Macorp.