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What It's Like to Sell a Home in Madrid

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  • Description

    FBN's Ashley Webster takes a look at the state of the Spanish real estate market.

  • Duration 3:07
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Our after reaching a deal to form a coalition government new Democracy Party leader Antonio's embarrass the president right was sworn in as Greece's prime minister -- little hot little Z -- -- he's changed teams all the under a minute there.

-- treat headache in the rearview mirror for now the attention turns to Spain Ashley Webster is -- Madrid right now.

And he joins us with the latest actually.

-- thank you guys at least Greece hasn't team in place that's a positive from Athens to Madrid yes the locations change for the story doesn't.

Here in Spain it's all about the collapse of the housing market -- housing bubble.

The burst in its wake it left a pile of bad loans.

And an unemployment rate close to 25%.

So I set out to see how -- my housing market is how you know holding out right here.

In the country's capital.

The very peak of the F.

Housing market here in Spain hit in 2007.

And since then it has been a slow long drop we wanted to get an idea reported slight.

To sell a home in the center of Madrid and we found this one it's a three bedroom one and a half bath apartment in central Madrid.

On the market for 400000.

Euros or thereabouts and we're gonna meet with the real estate agent -- Alejandro Ramos with -- doesn't Dawson thank you so much for talking to us Alejandro.

Is this a typical home in Madrid for the price range of around -- 100000 euros yes it is incentive -- home is not.

A -- me.

President priced neighborhood is just on regular neighborhood inside the city this neighborhood -- vote.

Between that the highest moment and from that -- -- 3%.

But in its holding them then in -- -- -- -- holding boom the volume better.

Because then there's no more house just -- around.

It's it's the same when it is not like outside that we kept some visiting -- -- -- moving.

And also have -- of the bonds that there is thought of of the bonds is mainly outside the city.

How long do you think -- take to sell.

A property like this what was the average time -- do you think it defense avail of that combining a complaint for -- -- announced.

We really and our policy is still really invest -- -- Bring him I have popular professional photographer as we make us -- investments.

You have to be prepared to send their house and it added maybe from a 40%.

Below what that rest of the people it's trying to -- So 400000.

Euros guys it's about a half a million dollars it was about thirteen hundred square feet so fairly -- the question is you know will they be able to sell it -- can't get a mortgage these -- got cash that speaks -- Spanish banks still have a lot of bad loans on their banks.

-- on the bank chief so that's why they've been promised up to hundreds.

Billion euros if needed but the bigger question is does Spain need a bailout itself won't allow the continuing to cover that -- of story right here from would.

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