residential Market News: Spanish Real Estate Intelligence

Sarasin, represented by Catella Real Estate AG, has acquired a residential building under construction in the Ensanche de Vallecas with 148 protected flats for rent.

The €120-million transaction will add 455 one- and two-bedroom homes to Greystar’s portfolio.

Of the four auctioned by the Díaz-Ayuso government, Aedas Homes, with Ares Asset Management, received Lot 1 and Lot 2, while Culmia and its partner, the Oaktree fund, received Lot 3.

The new assets, located in the Embajadores area and next to the Delicias metro station, have close to 10,000 sq m and 150 flats.

The 400-m2 property will be converted into four luxury flats with views of the city.

Pictet Alternative Advisors, the alternative investment division of the Swiss group Pictet, and Spanish real estate investment platform Lasabia have created a joint venture to develop build-to-rent projects in Madrid, according to Savills Aguirre Newman, which advised both companies on the deal.

Servihabitat’s forecasts indicate that there will be more than 500,000 home sales in Spain this year.

Compared to July 2019, when the coronavirus was not yet a factor, housing sales grew by 3.3%.

On average, the amount of housing available for sale has fallen by 3.8% per year over the last ten years.

Vía Ágora has won the auction for a plot of land owned by Reyal Urbis, located at 191 Calle Antonio López, in the Madrid Río area. It is one of the most sought-after areas of the Spanish capital, according to the developer.