Tag: Ministry of Development

Neinor & Vía Célere Lead the Ranking of Forecast House Deliveries for 2019

28 January 2019 – Cinco Días

Year after year, the new major players in the house construction sector are seeing the numbers in their growth plans increase. During 2019, the largest property developers created since 2015, and some of those reborn from the ashes during this latest upwards cycle, are expected to approach their cruising speed, above all, the listed companies Neinor, Aedas and Metrovacesa, which have been called to lead the residential construction sector together with Vía Célere. Even so, the sector is still very fragmented with lots of small companies.

Neinor Homes and Vía Célere have become the two entities with the largest number of home deliveries this year. In both cases, 2,000 clients will receive the keys to their homes, according to figures provided to Cinco Días by around twenty property developers. In these forecasts, the companies have detailed three concepts for their plans for 2019: homes that they will launch onto the market, homes that they will start work on and forecast deliveries.

Neinor Homes, created in 2015, and led by Juan Velayos (…) expects to start work on 3,000 homes this year, coming close to the cruising speed that it defined during its IPO, and it will start to market another 2,000 units.

Meanwhile, Vía Célere, controlled by the US fund Värde Partners, is in the middle of integrating the assets of Aelca, the other property developer owned by Värde, which has now emptied its portfolio (…). It is the only one of the large players that is not yet listed on the stock market; its plans in that regard were postponed last year.

The listed firm Aedas, also created in 2017 with land from another US fund, in that case, Castlelake, is also perceiving an upwards turn in its numbers. This year, it will hand over 1,055 homes, start marketing 2,500 homes and start building 3,000 homes, just two years after first appearing on the stage, with David Martínez as its CEO.

Meanwhile, Metrovacesa, the other large listed company, controlled by Santander (and in which BBVA holds a minority stake), clearly leads the business plans, with up to 4,500 homes to be newly marketed and whose construction will be launched. This one-hundred-year-old real estate company, which was cleaned up by the banks following the crisis, launched its new project in 2017 with Jorge Pérez de Leza, from Grupo Lar, as the CEO.

In terms of those entities backed by funds, the rescued firm Habitat also stands out, reactivated last year by Bain Capital, and which is planning to market 3,000 homes this year. Similarly, Cerberus took control of Inmoglacier in 2017 (…). That firm declined to provide its forecasts to this newspaper, but it is also set to play a significant role, given that it has become one of the real estate arms of the US fund, one of the most active in the purchase of assets from the banks and which also owns Haya Real Estate as its servicer.

The group of twenty-odd companies consulted will hand over almost 16,000 homes this year, will start work on 34,000 units and will begin marketing another 30,000 properties. These figures reflect the enormous fragmentation in the sector, which in the last 12 months has started 103,000 homes in total, according to figures from the Ministry of Development as at October 2018.

Small specialist property developers still carry a lot of weight, unlike in other countries where large players exist. Moreover, even though the rate of residential construction has taken off since 2014, it is still well below the peak of 2006 when 865,000 building permits were granted.

In terms of the new players also boosted by the international funds, they include other developers with a high rate of house sales: AQ Acentor (owned by the German fund Aquila), which is going to put 1,700 homes up for sale; Kronos Homes (backed by several European and US investors), which will market another 1,600 homes; and ASG Homes (backed by the British firm ActivumSG), which plans to add another 1,000 homes.

In terms of the survivors of the crisis, Amenabar stands out, the Gipuzkoan company, which expects to start work on 3,608 homes next year and to hand over 1,245 units. Another of the stalwarts is the Madrilenian firm Pryconsa, owned by the Colomer family, which has already reached a high number in terms of house starts: 1,285. In more modest terms, other important firms include the Basque entity Inbisa and the new entity Áurea Homes, the residential subsidiary of the Navarran construction group ACR (…).

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake

Azora: Spain Needs to Build 2 Million Rental Homes in 15 Years

12 January 2019 – El Economista

The rental market is gaining more and more followers in Spain and is now the way of life chosen by 20% of the population. That means that the market has doubled in size over the last 15 years, according to data from Eurostat. Nevertheless, its growth is running into many obstacles along the way, given that the increase in demand has not been accompanied by a rise in supply at the same rate, which has led to the saturation of certain markets, such as Madrid and Barcelona, where several neighbourhoods have experienced price increases of up to 18%, making them even more expensive now than they were during the boom period.

Faced with that situation, the major players in the market and the real estate experts assure that the construction of homes dedicated to rental and the policies to incentivise owners to place their homes on the rental market are two of the most important ways to provide agility to a mechanism that is oxidised right now.

“Rental is a sector with enormous social importance, on which more than 10 million tenants and more than 4 million small Spanish savers and institutional investors depend, who use the rental market as a way of supplementing their income and pensions”, explains Azora in a comprehensive report about the rental market.

In its study, the manager says that the rental housing deficit amounts to another 2 million homes, which will have to be built over the next 15 years to satisfy the increasingly growing demand. “Ensuring legal certainty and a contractual equilibrium is basic for attracting around €300 billion in private and institutional savings necessary to finance this new stock of homes. It is an investment equivalent to 30% of GDP over 15 years or 2% of GDP every year”, says the report.

For Azora, which is one of the largest managers of rental housing in Spain, the construction of these homes is fundamental if we are to avoid “structural imbalances between supply and demand, and it is vital to guarantee access to housing through the rental formula for millions of Spanish families, especially the youngest in society and most vulnerable families”. In this way, according to the Ministry of Development and Eurostat, rental has become the solution for accessing housing for 75% of young people in Spain aged under 29 (compared with 40% in 2007) and for 40% of families with a household income of less than 60% of the national average.

The major challenges

According to comments made by Azora in its report, the three most important challenges facing the sector are, on the one hand, “establishing a public social housing policy to resolve the situation of highly vulnerable people and those at risk of social exclusion”.

In Spain, social housing accounts for just 1.5% of the total, compared with the EU average of 15% (…).

Another challenge is “the creation of a rental stock at affordable prices, below market rates, for families with the lowest incomes and young people” (…).

Finally, the need to increase supply by at least another 30% over the next 15 years. “The problem today and in the future in the private housing market is not the increase in prices (which are still 15.5% below their 2007 peaks, according to data from the Ministry of Development), but rather the complete lack of available stock for rental compared with the sharp growth in demand”, says Azora (…).

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Operación Chamartín’s Secret Contract: Adif Sells 1.2 million m2 of Public Land at Half its Market Value

27 December 2018 – El Diario

For 25 years, the agreement has remained a secret. It is the document that supports one of the largest urban development projects in Madrid in one of the most sought-after areas of the capital, in the north of the city, to continue the Castellana, where the financial district and the most expensive homes and offices are located, which are being sold for more than €5,000/m2. The contract is going to be signed on Friday. On the one hand, Adif, the public company that forms part of the Ministry of Development and that manages the railway infrastructure, and on the other, Distrito Castellana Norte, a property developer that has changed its name repeatedly over the last quarter of a century.

In 1993, the Ministry of Development, chaired at the time by Josep Borrell, now the Foreign Minister, signed an agreement with the construction firm San José and BBVA to develop the railway land reserved for Chamartín station. That agreement, whose term has been extended several times, has been kept under lock and key until today. The property developer filed several lawsuits to prevent it from being published.

However, eldiario.es is now exclusively publishing the latest draft of the agreement, which reveals the economic conditions of the project, which is reportedly the largest urban development project in Europe: the sale of 1.278 million m2 for homes and offices. On Friday, the definitive agreement will be signed, confirm sources at Adif, which has been blessed by the municipal planning of Manuela Carmena’s government and which will see the disposal of public buildable land for a price of €769.5/m2 in that area to the north of Madrid, the expansion area of the financial district, one of the most expensive parts of the capital.

Sources in the real estate sector claim that the agreed value represents half the market price at which other plots in the same area have been sold recently. In January, the same vendor, Adif, put another plot up for sale, further north, in San Sebastián de los Reyes, outside of the capital, which was sold for €1,500/m2 to a real estate cooperative: €16.3 million for 1,500 m2.

The gigantic plot that Adif is going to sell to Distrito Castellana Norte (DCN), formed by the construction firm San José and BBVA, groups together 1.27 million m2 of land, according to the current contract. For that space, DCN is going to pay €984.2 million, which represents a price of less than €769.5/m2 excluding the financial interest corresponding to the payment over 20 years.

Hours after eldiario.es published the contents of the agreement, Adif issued a statement confirming that the cost that the private partners (…) will pay for the operation is above market prices. To reach this conclusion, the public company (…) is taking the price of the land and adding the interest that will be paid for 20 years (3% each year), the budget for the urbanisation of the plot and even the transfer of the land that the law obliges to the property developer: 100,000 m2 for public housing that Adif estimates at €67.4 million.

In September, the Government of Manuela Carmena approved the general plan to authorise the urban development of the so-called Operación Chamartín. In the accompanying financial report, the only official estimate that exists, the Town Hall of Madrid calculates a land value that is three times higher than the figure that Adif is going to receive. In that document, Manuela Carmena’s Government establishes that the sale of the whole reclassified area (which groups together twice as much land as mentioned above and which also involves other landowners) “would amount to €3.749 billion in total”. The price established in that financial report corresponds to 2.6 million m2 of that urban development. According to those accounts, the price per m2 equates to €1,407/m2, well below the €769/m2 that Adif is going to receive (…).

Original story: El Diario (by Fátima Caballero)

Translation: Carmel Drake

Ministry of Development: New Housing Permits Rose by 23.2% in October

29 December 2018 – El Economista

The permits authorised for new residential construction in Spain amounted to 83,882 units between January and October 2018, which represented an increase of 23.2% in comparison to the same period a year earlier (68,084 units).

According to data from the Ministry of Development, of the total number of permits approved, 66,032 were for flats in housing blocks (a YoY rise of 27.7%) and 17,831 were for single-family homes, up by 9%. Moreover, 19 permits were requested for other types of buildings.

The new build permits authorised are following a positive path so far in 2018, after four years on the rise to reach 80,876 units in total in 2017, which represented an increase of 26.1% compared to the previous year.

In the past, in 2016, permits rose by 28.9%, after increasing by 42.5% in 2015, which consolidated the recovery initiated in 2014, the year that broke seven consecutive years of decreases with a slight rise of 1.7%.

This real estate indicator reached a historical minimum in 2013 (34,288 units), a figure that represented a slump of 96% from the peak registered in 2006 with 865,561 permits.

Original story: El Economista

Translation: Carmel Drake

Ministry of Development to Promote 5,000+ Rental Homes for Less than €400

19 November 2018 – La Razón

The Minister of Development, José Luis Ábalos, has announced that his Ministry is going to transfer €21.5 million to the Public Land Management Company (‘Entidad Pública Empresarial de Suelo’ or Sepes) to promote the construction of more than 5,000 social housing rental homes, which will cost no more than €400 in Madrid, Barcelona, Valencia, Sevilla, Ibiza and Málaga.

At the Europa Press Informative Breakfast, the leader of the Ministry of Development said that the creation of these 5,000 homes, together with the 1,500 already included in the State Housing Plan, would account for almost one third of the 20,000 homes recently promised in Congress.

Specifically, Ábalos said during his appearance in the Lower House that the Ministry is going to promote a stock of 20,000 public homes for rental over the next four to six years with the aim of increasing the supply of such homes and helping to stop their rising prices.

For Ábalos, these measures lay the foundations for a housing policy that aims to guarantee access to housing. Nevertheless, he said that he is aware that this task, together with the protection of access to housing, will require the assistance of all of the administrations and political forces. For that reason, he urged that a “major agreement from the State for housing in Spain” be reached.

Decapitalising the stock of social housing

In this vein, he confirmed that the stock of social housing has been decapitalised to an affordable price and pointed out that this represents only 2.5% of the housing stock in Spain and that is “one of the lowest rates” in the European Union.

“Access to housing is a total headache for the middle and working classes and merely a pipe-dream for young people”, he added, after indicating that spending on housing by Spaniards living in rental properties is “well above the European average”, which is generating “a situation that cannot be permitted”.

During his speech, the Minister made it clear that recovering talent, raising the Minimum Inter-professional Wage (SMI), providing more wage stability and increasing pensions “are the right proposals to provide stability for Spain”.

He also said that work is being performed on long-term measures to increase the supply and recover the stock of homes, although he pointed out that work is also being carried out in the short term to modify the Urban Rental Law (LAU) to “limit guarantees” and give tenants more stability, and on the Civil Procedure Law (…).

The Royal Decree for Housing: due before the end of the year

When asked about when the Royal Decree that integrates the package of measures announced at the beginning of the legislature is going to come into force, Ábalos confirmed that the plan is for it to be approved before the end of the year because, in his opinion, “some of the measures are urgent and we need to get on with them”. In this way, he said that the real estate market in Spain is “reaching breaking point”.

In this vein, he said that “in Madrid, there are a lot of people who share flats because they do not have any other choice and all of that affects the minimum life project”. “What we are doing is not going to have a direct or immediate effect, but the urgency is vital in cities such as Madrid and Barcelona”, he said.

Original story: La Razón 

Translation: Carmel Drake

Inditex Caused the Ministry of Development’s Results to Soar in Galicia in 2017

13 November 2018 – Economía Digital

Inditex purchased more square metres of land from the Ministry of Development’s land manager than the Xunta sells in one year. In a single transaction, the company owned by Amancio Ortega acquired 218,000 m2 of land last year spread over 26 plots on the A Laracha industrial estate (A Coruña) from the company Suelo Empresarial del Atlántico, controlled by the department led by José Luis Ábalos.

The implementation of the multinational’s new logistics hub to complement the group’s central complex in Arteixo, multiplied the revenues and profits of the Ministry of Development’s land manager, which has 13 industrial estates up for sale in Galicia, but which faces serious difficulties when it comes to selling the plots unless it offers them  significant discounts.

The Inditex effect: revenues multiplied by six

Last year, Suelo Empresarial del Atlántico multiplied its revenues by six, up from €2.5 million in 2016 to €15.7 million in 2017. Of that amount, €13.4 million proceeded from the plots sold in A Laracha, the industrial estate chosen by Inditex. The remainder (€1.1 million) was invoiced in Rianxo or was received through subsidies to the business parks of Cee, Muros, Vimianzo and Rianxo itself, given that the entity is a recipient of European funds.

The dependence on a single operation in 2017, the one involving Inditex, shows the difficulties faced when it comes to finding companies to set up shop in Galicia, both for the property developer of the Xunta, which in just two years since its creation has sold 200,000 m2, as well as for the Suelo Empresarial del Atlántico, formerly Plan Galicia promoted by José María Aznar in 2003 to compensate the Prestige disaster.

The purchases by the textile giant also caused the profits of the land manager to soar, up from €53,554 to €444,500, an eight-fold rise. Suelo Empresarial del Atlántico is owned by the Xunta (15%) and by Abanca (1.6%), although the bulk of its share capital, more than 83%, is in the hands of the Ministry of Development through the Public Land Management Company (‘Entidad Pública Empresarial de Suelo’ or Sepes) (…).

Original story: Economía Digital (by Rubén Rodríguez)

Translation: Carmel Drake

BBVA Research: Building Permits for New Homes Double in 3 Years

12 November 2018 – Cinco Días

The recovery is being boosted by construction activity in the real estate sector. 2018 is going to close with the granting of more than 100,000 permits for the construction of new homes, which represents twice the number of permits granted in 2015, according to estimates from BBVA Research. During that year, activity in the sector started to recover, after years in free fall. The real estate construction segment is whereby returning to six-digit figures, something that has not been seen for eight years.

Until August, the most recent data available from the Ministry of Development, just over 68,000 permits had been granted, up by 26% compared to the same period last year. The data from that month reflects that it was the best August on record since 2008.

The sector may be recovering but it is still light years away from the property fever experienced a decade ago. To give some perspective, the 100,000 new build permits that are going to be granted this year are eight times fewer than the figure recorded in 2006, when the highest ever number of permits was issued (865,561). In April of that year alone, 126,753 permits were granted, a figure that comfortably exceeded the number expected to be issued during 2018 as a whole.

The exact opposite was seen in 2013, when the number of permits hit rock bottom: during that year, just 34,288 permits were granted, the absolute minimum in the whole historical series (whose data goes back to 1992). The following year, there was a slight increase in permits (of 2%) but it was not really until 2015 when the figures started to recover with any strength, up by 43% that year. Since then, the number of construction permits granted has followed a stable growth path, with YoY increases of around 25%.

According to the research from BBVA, the increase in permits forms part of the favourable context in which the market is developing. During the third quarter of the year, employment in the construction sector grew by 1.3%, loans for home purchases increased by 16.8% YoY and house sales in August were almost 10% higher than during the same month last year.

A large part of the still moderate and stepped growth in terms of construction permits is due to the fact that the number of leftover homes constructed during the bubble, which still have not been sold, is still “high and disproportionate for the levels of demand in six out of every ten provinces”. There are 1.2 million leftover homes in total, according to the statistical yearbook for the real estate market compiled by the consultancy firm Acuña & Asociados.

Nevertheless, that stock of homes is very dispersed throughout the country: the consultancy firm calculates that one third of those homes are located in areas with zero or very low demand, whereas in the main cities, new build homes are needed, something that is being confirmed by the significant increases in house prices.

Madrid is the city that accounts for the most building permits (both for new construction and renovation or refurbishment). So far this year, work has started to build or renovate 7,000 homes in the Spanish capital. It is followed, at a distance, by Barcelona, with just over 2,200 homes. Next in the ranking are Valencia (1,640), Málaga (1,400), Zaragoza (1,060), and Sevilla ( 830). Those six cities – which account for almost 20% of the population – account for 17% of all of the permits granted so far this year (…).

Original story: Cinco Días

Translation: Carmel Drake

Ministry of Development: Housing Permits Rose by 12% in August

2 November 2018 – Eje Prime

The residential sector is driving the new build segment in Spain. In August, a total of 1,620 permits were granted to build homes across the country, 7.8% more than during the same month in 2017. Of those, 1,389 were allocated to assets for residential use, which saw an increase of 12%, according to the latest data published by the Ministry of Development.

In August, the bulk of the new build permits granted for residential use were made for the construction of 1,387 family homes, specifically: 938 detached single-family units, 205 terraced single-family units and 244 flats in apartment blocks.

So far this year, a total of 17,151 permits have been processed for the construction of residential use assets, up by 10.2% compared to the first eight months of 2017, when those types of permits amounted to 15,562.

Meanwhile, during the eighth month of 2017, 231 permits were granted for the construction of non-residential use buildings, down by 1.5% compared to the same period last year. In that caption, there were three new permits for the construction of offices, another 21 for the development of industrial spaces and 83 more for assets dedicated to commercial services and warehouses.

Licences and budgets also recover

In terms of the concession of licences, last Wednesday, the Ministry of Development published figures corresponding to May. According to the body, 4,449 new permits for residential buildings dedicated to family homes were registered during the fifth month of the year (1,606 single-family units and 2,843 multi-family units), down by 0.8% compared to the same period in 2017.

Similarly, the number of licences processed for rehabilitation works doubled in May in YoY terms, to reach 825 concessions. The budget dedicated to the execution of labour also rose during the fifth month of the year, up from €493,095 in 2017 to €4989,264 in 2018.

Original story: Eje Prime (by B. Seijo)

Translation: Carmel Drake

Corp Promotors Acquires Plot Next to La Sagrera Station in Barcelona for €10.4M

17 October 2018 – Europa Press

The real estate company Corp Promotors has acquired a plot of land spanning 1,512 m2 located next to the future La Sagrera AVE train station in Barcelona for €10.44 million.

The Catalan firm has fought off competition from three companies in the bid for the plot, which was opened by the public company responsible for the development of the station, an entity in which the Ministry of Development, La Generalitat de Cataluña and the Town Hall of Barcelona all hold stakes.

The plot, which is located in an area that has “great potential for growth” in Barcelona, can be used for building both homes and commercial premises.

Specifically, it has a buildability of 8,221 m2, of which 7,346 m2 will be used for homes and the remaining 875 m2 will be used for shops.

The land forms part of the plots freed up for railway use generated by the construction of the station. The amount obtained from its auction will contribute to financing the new railway.

In fact, the joint venture company that is developing the station has obtained 63% more than the estimated sales price for this plot, of €6.4 million. That was what allowed Corp Promotors to acquire the land and fight off competition from the other three firms that were also bidding for it.

The company behind the construction of La Sagrera station is owned by the Ministry of Development through its companies Adif, which holds a 37.5% stake, and Renfe, which owns another 12.5% stake. The Town Hall of Barcelona owns 15% and La Generalitat the remaining 25%.

Original story: Europa Press

Translation: Carmel Drake

Who are Spain’s Largest Residential Landlords?

11 October 2018 – El País

Every month, they receive rent from thousands of tenants who live in the thousands of flats that they own. They are the large landlords of Spain, although it is worth noting one important point: even though between them, they own more than 120,000 residential rental assets, that figure accounts for just 5% of all of the homes on the rental market. In Spain, the stock of rental housing – which exceeds 2.3 million properties, according to calculations from the Ministry of Development – is still dominated by individuals above all. At the other end of the spectrum, that of companies, it is not easy to draw a clear map of who’s who in the Spanish market. There are banks, investment funds, Socimis, real estate companies, servicers, managers…the difference is substantial: some are owners of houses whilst others specialise only in administering the properties.

The properties intersect between these two larges groups. The homes of a bank may belong to a real estate company owned by the entity itself and be administrated by its manager, which in turn, may be responsible for the houses of other companies. Or a fund may own several servicers, the name given to the platforms that, since the crisis, have absorbed a large proportion of the toxic assets (both properties and mortgages) owned by the banks, and that in turn, may be entrusted with the administration of some of the homes by the banks. The examples are simpler if we look at specific cases. What follows is a portrait of the main protagonists of the residential rental market in Spain. Seven companies that control portfolios that come close to or exceed 10,000 assets each, according to figures facilitated by them and by other sources in the sector.

Blackstone. This real estate investment fund is well on its way to becoming the largest owner of rental housing in Spain. It entered the market in 2013 with the purchase of a portfolio of social housing properties that the Town Hall of Madrid, led at the time by Ana Botella, put up for sale. Those 1,860 homes were just the start of a portfolio that now contains around 32,000 properties. Since then, Blackstone has acquired thousands of toxic assets from entities such as Banco Popular and Catalunya Caixa. From the real estate arm of the latter, CX Inmobiliaria, a subsidiary of the US fund emerged, which is now responsible for managing most of its rental homes. Anticipa is a specialist servicer in what is known as “fragmented management”. Its 15,000 homes do not form part of blocks of buildings, but rather they are scattered all over the country. In addition to that portfolio, Fidere manages 6,200 properties. That Socimi (…) was created specifically after the operation was closed with the Town Hall of Madrid and then continued to add other residential assets to its portfolio, which unlike Anticipa’s form part of blocks and urbanisations. The latest blow, in terms of the effect on the market, came last month, with Blackstone’s agreement to purchase 70.01% of Testa. With the control of that Socimi – which until then belonged to Santander, BBVA, Acciona and Merlin – around 32,000 rental assets are now under the orbit of the US fund, making it the largest landlord in Spain.

CaixaBank. Until recently, the Catalan entity was the largest owner of rental homes and it is still in the top three. Unlike the other banks, which succumbed to the pressure to sell to interested investors, the former Caixa owns 27,557 residential rental assets through its real estate arm Building Center. The entity’s own manager, Servihabitat, is responsible for managing those assets, and its portfolio also includes assets entrusted by other owners, taking its total to 42,163 assets. Of those 28,549 are homes (and the remainder are storerooms and parking spaces).

Banco Sabadell. A very similar example to CaixaBank. In this case, the entity’s own servicer, Solvia, is responsible for managing its residential rental assets. Its rental portfolio comprises around 32,000 residential assets and, of those, 74% belong to Sabadell, making it the third largest landlord in Spain with around 23,600 assets.

Haya. In fourth place on the list is the servicer owned by Cerberus. The investment fund created it after acquiring some of Bankia’s real estate portfolio. Then it increased it with purchases from other banks such as Santander. At the end of 2017, based on the most recent data provided by the company, it managed around 14,100 assets.

Azora. This manager administers around 11,000 homes on behalf of other companies and Socimis. Its main clients include Lazora, a company recently recapitalised by CBRE GIP and Madison, which owns 6,800 assets, and Encasa Cibeles, which has 2,500 assets and is owned by the investment bank Goldman Sachs.

Sareb. The (…) bad bank concentrated more than €50 billion in toxic assets during the crisis, including both mortgages and properties. Its objective was, and still is, to divest them, but in the meantime, it has been capitalising what it can. One of the ways is placing some of its properties up for rent. It has more than 10,000 in its portfolio, but it does not manage them directly: it has distributed the management of 5,223 units between Altamira, Haya, Servihabitat and Solvia. The 1,383 that form part of Témpore, a Socimi owned by Sareb, are administered by Azora. Finally, it has around 4,000 that it is reserving for social housing rentals and that it is handing over on a piecemeal basis as one-off agreements are reached with autonomous regions and large town Halls.

Altamira. Another servicer, which belongs to Apollo and Banco Santander. Its rental portfolio comprises 12,500 properties including tertiary assets. Most, around 9,700, are residential assets and belong to Santander or Sareb.

Original story: El País (by José Luis Aranda)

Translation: Carmel Drake