In what is a very difficult time for Spain and in particular the real estate market, many Spanish banks are actively disposing of their non core assets at distressed price points. The majority of Spanish banks fuelled the last real estate boom and when the bubble burst they were all left with the ownership of enormous amounts of construction projects and properties that they were not set up to effectively manage or dispose of.
The rationale behind incorporating the Siesta Homes at the beginning of 2010 was to take advantage of this exciting, but limited window of opportunity to acquire land & real estate direct from the banks at significantly below market prices. Real estate is not a core business activity for banks and part of Siesta Homes’s role is to bridge the knowledge gap that the banks have in this particular field.
The other part of our role is to provide excellent property investment opportunities for the large international clientele, who view the present economic climate as a rare opportunity to buy in to the Spanish property market at historically low levels.
Siesta Homes enjoys a privileged working relationship with a number of financial institutions in Southern Spain and applies an opportunistic and proactive approach to sourcing the best acquisition opportunities. We take strong measures to ensure our projects are 100% transparent for the investor and that they meet our strict criteria of risk, quality, price and finance.
Getting each of these four main criteria to balance is one of the cornerstones of our strategy.