28 November 2018 – Eje Prime
Pryconsa is backing the residential rental sector after fifty years in the business. The construction firm is going to enter the market for the first time soon with the development of 1,500 new homes. For the time being, the company is awaiting the outcome of the regulatory changes that the Government is working on relating to the Urban Rental Law.
“It is quite tricky when the rules of the game change halfway through playing”, said Marco Colomer, President of Pryconsa. In this regard, the executive is closely monitoring the possible increase in the duration of rental contracts from three years to five years, as well as the possibility that Town Halls will place limits on house prices in areas that have experienced sharp increases.
Colomer said that the group already has two projects with licences and others with land reserves. Both the company and the pension fund that will become its financial partner are waiting for “the conditions to be ideal to be able to start development”.
Pryconsa’s plan involves constructing 1,500 homes in Madrid, as well as in other provincial capitals with more than 500,000 inhabitants, which is why it may have Barcelona, Valencia, Zaragoza and Sevilla in its sights.
Original story: Eje Prime
Translation: Carmel Drake