The bad bank puts twenty rural properties on sale at half price.

Sareb, will put on sale tomorrow 22 rural properties (for leisure, for farming and for hunting) that with a total of 5.700 hectares, with discounts that range between 40% and 50% on the prices paid in the prosperity years, especially on leisure properties.

This is the Project Harvest, through which Sareb wishes to return properties with prices ranging from 150.000 to 3 million Euros to production.

According to the director of Land Development at Sareb, Álvaro Escribano, “should this project be successful, Sareb would have been able to return a huge amount of surface to a productive state, which has been taken into account when putting these properties on sale”.

He has pointed out that, although the farming activity has also suffered the effects of the crisis, it has suffered less than the real estate sector, and has managed to maintain its value better, mainly because “the purchases were made from the professional point of view and not from the emotional one.”

With this first operation, Sareb puts 63% of the rural land it owns on sale (in total it has 9.000 hectares), which amounts to less than 5% of its portfolio.

Unlike the other sale operations, where real estate packages have been formed to be acquired by great investors, in this case the sale will be done property by property.

According to Escribano, the potential customers will be found in the segment of “businessmen and executives with a high profile, and food and agriculture companies, without dismissing the interest of local farmers or cattle breeders.

These are 22 properties in different regions which will be joined progressively by others and that, in many cases, have great extensions of farming and buildings, and whose prices range between 1.000 and 40.000 Euros per hectare.

Properties with great extensions of olive trees, vineyards, orange trees, fig trees, pine trees, almond trees, holm oaks, pasture or properties suited for hunting are some of their features. (…)