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Sareb Puts 564 Unfinished Developments Up For Sale

30 May 2016 – El Diario

Sareb, better known as the bad bank, has put 564 residential housing developments up for sale. The majority of the portfolio contains properties in the initial stages of development or work in progress and most of them are located in Cataluña, the Community of Valencia, Andalucía and the Canary Islands.

Initially, Sareb will release 140 unfinished residential developments onto the market and will thereby supply almost 5,000 homes and a few tertiary use buildings.

Most of the unfinished developments to be sold during this first phase are located in Andalucía and Cataluña, with 28 buildings each, as well as in the Canary Islands, with 26; whilst by province, the supply is most abundant in Barcelona, Las Palmas, Alicante, Cádiz, La Coruña and Madrid.

In this way, the Canary Islands, with 1,166 homes; Andalucía, with 1,057; and the Community of Valencia, with 838, together account for more than half of the properties that will come onto the market at the start of this operation.

The General Business Director at Sareb, Alfredo Guitart, considers that “having overcome the crisis”, now is the time to provide a commercial outlet for these developments.

“In this way, the sale represents an investment opportunity for local property developers, who are very familiar with their environment and have the capacity to finish the construction work and bring the properties onto the market successfully”, said Guitart.

The company also resumed 68 developments between 2013 and 2015 and expects to finalise 20 developments, where work had been suspended, before the end of 2016.

Original story: El Diario

Translation: Carmel Drake