Metrovacesa starts building homes after five years of inactivity.
In spite of the estimated one million homes remaining on sale in Spain, one of the greatest real estate companies in the country, Metrovacesa, has decided to resume its developing activity after more than four years with no activity.
The reason for this? The location of the project: in Aravaca, one of the residential areas in the outskirts of Madrid preferred by the middle-high class.
Since 2008, the real estate company, controlled by the banks Santander, BBVA, Bankia, Sabadell and Popular, has been focused in the patrimonial activity, as it has a wide portfolio of offices and malls in Spain and France and in getting rid of its unsold properties in different developments in Madrid, Málaga and Valencia. Now, it has seen an opportunity in the outskirsts of Madrid and has decided to promote a building of 15 homes in Aravaca. “Currently Metrovacesa is in its final step in the process of liquidating its properties, it merely owns 80 throughout Spain, and in the continuous study we carry out on the local market, we have detected areas with a real demand for homes, with certain features, areas where we own land and have the capacity of starting new developments”, they explain from the real estate company.
The properties have a surface that ranges between 100 and 265 square meters and its prices range between 383.000 and one million Euros. “Here it does not make any sense to build homes with one bedroom, but of three of four bedrooms, with an area for servants”, Jorge Pérez Curto explains, in charge of the commercialization. Among the 25 properties, there are duplex and attics with terraces of more than 100 square meters.
Currently, the project is the phase prior to commercialization, that is, Metrovacesa and its partner present the homes to a select circle of customers so as to launch it in May. “ The reception has been very positive. It is aimed at people that wish to live near to where they have always lived, with the services of a closed residential area”.
The main areas include gardens, swimming pool, a padel court, a gym and a sauna. “The finishing of the promotion is planned for the end of 2014”, the real estate company assures.
In the first quarter of the year, Metrovacesa had a turnover of 42,4 million Euros with an ebitda of 25,5 million Euros. In spite of these gains, the real estate company had losses for 17,7 million Euros.