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Sareb Looks for New CEO to Lead Development of Homes

11 December 2019 – El Diário

Sareb is looking for a new CEO to lead the company’s transition to the real estate business. The current president, Jaime Echegoyen, will continue to act as Sareb’s president. The model is similar to the one that Sareb used before when Echegoyen was CEO and Belén Romana was president.

Sareb presented a new strategy earlier this year. The bad bank is now looking to develop 17,000 new homes via the real estate developer Árqura Homes by 2027. The homes are expected to cost between 200,000 and 220,000 euros, essentially guaranteeing a minimum level of demand. Though homes sales fell in October and analysts fear a change in the economic cycle, the homes Sareb intends to sell are in provinces where housing prices have not increased to the extent that they have in the larger cities.

Original Story: El Diário – Marina Estévez Torreblanca

Adaptation/Translation: Richard D. K. Turner

Original Story: El Diário

Translation/Summary: Richard Turner