Turn in Sareb´s Strategy: Investments to Bring The New Developments´ Construction to an End

The bad bank, Sareb, takes a next step and evaluates the comercial viability of over 100 developments. The units are currently under construction, either in a very advanced state or almost finished. The company is considering investing in their completion or, alternatively, selling them in their present state or keeping them in stock.

Social information sources dismissed the demolition as an option but still circumscribe it as a future opportunity. Sareb has contracted independent experts to provide the evaluation to it, using the audit of its entire profile suggested by the troika. The examination will take into account susceptible aspects which might influence the prices such as possibilities of the dwellings´ rapid sale according to the attractiveness of the zone they are located in. 6% of the developments is under construction, 33% is the construction site and the remaining 61% is the completed units.

It is said that during the 15 years of the course the bank will deposit 13. 600 million Euros. Acting this way it is following the steps of other bad banks, like its Irish colleague Nama which started the demolition of the so-called ´ghost cities´ in summer 2012. The construction of countless properties began to be carried out in almost deserted zones due to the construction fever and now there is not way out in terms of sale.

The sources of the real estate sector maintain that it is easy to see this kind of situation in Spain. Since the times of ´the Uprising´ multiple properties with ´the appeal of a beach´ but situated 50, or even 100 kilometers from it have been constructed and most of them belong to Sareb.

Source: El Economista

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