Tag: public investment

Basque Government Invested €50.1 Million in New Social Housing Rental Units

6 January 2020 – The Basque Government acquired a total of 506 flats over the past year for use in public housing. The regional government acquired the properties using public funds, budgetary surpluses and the Sustainable Financial Investments financial instrument used by Spanish local authorities. The properties are now under management by the Basque public company Alokabide.

The government invested a total of 50.1 million euros in the acquisitions. Specifically, the government acquired 70 VPO flats in the neighbourhood of Donostiarra in Morlans (€4.9 million), 32 VPOs in Santurtzi (€4.5 million), an advance on 84 social housing units in Ortuella (€2.4 million), 52 VPOs in Sestao (€7.6 million), 26 VPOs in Mungia and 52 VPOs in Amorebieta (€9.5 million), nine free homes owned by SAREB in several locations (742,000 euros), 36 VPOs in Legutio (€3.8 million), three homes in Bermeo (345,635 euros), 91 social housing units in the neighbourhood of Iturribarri in Getxo (€8.2 million) and 51 VPOs in the neighbourhood of Zerrajera in Arrasate (€7.8 million).

El Gobierno Vasco adquirió un total de 506 pisos durante el año pasado para uso como viviendas públicas. El gobierno regional adquirió las propiedades utilizando fondos públicos, excedentes presupuestarios y el instrumento financiero de inversiones financieras sostenibles utilizado por las autoridades locales españolas. Las propiedades están ahora bajo la gestión de la empresa pública vasca Alokabide.

El gobierno invirtió un total de 50,1 millones de euros en las adquisiciones. Específicamente, el gobierno adquirió 70 pisos VPO en el barrio de Donostiarra en Morlans (€ 4.9 millones), 32 VPO en Santurtzi (€ 4.5 millones), un anticipo de 84 unidades de vivienda social en Ortuella (€ 2.4 millones), 52 VPO en Sestao (7,6 millones de euros), 26 VPO en Mungia y 52 VPO en Amorebieta (9,5 millones de euros), nueve viviendas gratuitas propiedad de SAREB en varias ubicaciones (742.000 euros), 36 VPO en Legutio (3,8 millones de euros), tres viviendas en Bermeo ( 345.635 euros), 91 unidades de vivienda social en el barrio de Iturribarri en Getxo (8,2 millones de euros) y 51 VPO en el barrio de Zerrajera en Arrasate (7,8 millones de euros).

Original Story: La Vanguardia – P. R. D.

Translation/Summary: Richard D. Turner

Madrid to Avoid Price Controls on Rental Flats

4 January 2020 – José María García, the Community of Madrid’s General Director for Housing and Rehabilitation, explained to idealista/news in an interview that the government of Madrid will not intervene in the market to place limits on rental prices in the region. Such measures have generally proven counter-productive in other European cities. The government has instead opted to concentrate on increasing the supply of rental housing to combat the recent price inflation.

A regional plan, called the Plan Live in Madrid, will use publicly owned land for the development of affordable rental homes. At the same time, the government intends to invest in urban renewal to take advantage of existing, though possibly degraded, properties. Young buyers, under the age of 35, will also receive deductions on interest payments on mortgages.

The Spanish government has already identified sufficient land to build approximately 15,000 homes and expects to find enough for at least another 10,000.  The land is spread out around Madrid, in areas such as San Sebastián de los Reyes, Alcobendas, Getafe, Alcalá de Henares and Tres Cantos.

José María García, Director General de Vivienda y Rehabilitación de la Comunidad de Madrid, ha explicado a idealista/news en una entrevista que el gobierno de Madrid no intervendrá en el mercado de alquiler para poner límites a los precios en la región de Madrid. Dichas medidas generalmente han producidas resultados contraproducentes en otras ciudades europeas. En cambio, el gobierno ha optado por concentrarse en aumentar la oferta de viviendas de alquiler para combatir la reciente inflación de precios.

Un plan regional, llamado Plan Live en Madrid, utilizará terrenos de propiedad pública para el desarrollo de viviendas de alquiler asequibles. Al mismo tiempo, el gobierno tiene la intención de invertir en la renovación urbana para aprovechar las propiedades existentes, aunque posiblemente degradadas. Los compradores jóvenes, menores de 35 años, también recibirán deducciones en los pagos de intereses sobre hipotecas.

El gobierno español ya ha identificado suficientes terrenos para construir aproximadamente 15,000 hogares y espera encontrar suficientes para al menos otros 10,000. El terreno se extiende por Madrid, en zonas como San Sebastián de los Reyes, Alcobendas, Getafe, Alcalá de Henares y Tres Cantos.

Original Story: Idealista – P. Martinez-Almeida & Luis Manzano

Translation/Summary: Richard D. Turner

Madrid Budgets €21 Million to Buy Land for Public Use

3 December 2019 – The political parties PP and Cs’ new budget for the Madrid City Council’s includes €21 million to acquire new land for additional housing and other public needs. The budget increases the Municipal Housing and Land Company’s budget by 16.19% to 180 million euros.

These new lands would consist of new facilities around the airport, a new residence for senior citizens in Puente de Valleca. The municipal company would also acquire land in Campo de las Naciones to add to the Metropolitan Forest.

Original Story: La Vanguardia

Adaptation/Translation: Richard D. K. Turner

Madrid to Prioritise Operation Campamento

8 October 2019 – The Madrid City Council is looking to prioritise the Operation Campamento, a plan to build 10,700 homes on lands owned by the Ministry of Defense. The former PP mayor Alberto Ruiz Gallardón originally signed an agreement in 2005 to develop residential housing in a disused military zone in the district of Latina.

The PP and Ciudadanos political party coalition ran on a platform of streamlining such development to help increase the supply of housing in the capital city.

To increase the housing stock for rent, the City Council intends to finalise the 4,500 homes belonging to the Municipal Housing and Land Company. The council will also transfer the surface rights to sufficient land to build 5,000 homes and will seek to redevelop existing buildings.

Original Story: ABC Madrid / EFE

Adaptation/Translation: Richard D. K. Turner

The Regional Government of Andalusia to Invest in New Logistics and Tech Platform for the Bay of Cadíz

25 July 2019 – Richard D. K. Turner

The Regional Government of Andalusia confirmed that it would maintain its planned investment of 188 million euros to develop the Bahía de Cádiz Technology and Logistics Platform, replacing the Aletas project. With this, the government plans to make the logistics sector boost economic growth in the Bay of Cadíz area.

The government would transfer the bulk of Aletas’ current assets and liabilities into a new company called Logic, maintaining a 45% participation.

In total, Logic has 257 hectares, including 160 hectares of new land and 97 of available land. Logic plans to develop a total of approximately 450 hectares of productive land.

Original Story: El Vigía

Barcelona’s Incasòl Seeks to Acquire Land to Boost Logistics Sector

10 July 2019 – Richard D. K. Turner

The Institut Català del Sòl (Incasòl) and the Catalonian Department of Territories are working together to develop five new logistics platforms. The operation is an attempt to deal with tight supply in the region around Barcelona.

The public company is seeking to acquire five large plots of land around the Catalonian capital. Other areas of interest include sites along the AP-7 motorway, near Tarragona and Girona. In total, the state is looking to buy between 600,000 and 900,000 square meters of industrial land, doubling its current portfolio.

Original Story: Eje Prime

Catalan Generalitat to Acquire Land in Tarragona

29 June 2019

The Regional Ministry announced that it would exercise its preemptive right to acquire the land where BCN World had been planned for construction. The Catalan government expecteds to pay more than 100 million euros to La Caixa for the property.

Investors have planned a series of different projects for the site, beginning with the Eurovegas megacasino and followed by and the Valencian company Veremonte’s BCN World.  The latest plans are for the Hard Rock Entertainment World (HREW). Construction on the €2-billion project had been slated for this month.

The investors behind the initiative, including the Generalitat, Value Retail, which owns La Roca Village) and the Benetton family had been complaining about their failure to receive the necessary permits to begin work on the project. However, reports have stated that the government firm Incasòl will acquire the land and transfer it to HREW.

Original Story: Crónica Global

Locare RE & Tectum Join Forces to Promote 1,000 Rental Homes

23 October 2018 – El Confidencial

The real estate manager Locare RE and the company Tectum Real Estate Investments are going to promote more than 1,000 long-term rental homes in the Community of Madrid and the main provincial capitals, which will require an investment of more than €120 million over the next two years.

Currently, they have three developments underway in the Madrilenian towns of Móstoles, Collado-Villalba and Torrelodones, which comprise 405 homes in total and whose entry into operation is scheduled between 2019 and 2020, as indicated in a statement.

In this sense, both have underlined that, given the scarcity of residential land, they are exploring and developing opportunities for differentiation in the sector by promoting contractual schemes involving public-private collaboration.

The aim is for these alliances to reinforce their vocation of long-term permanence, on the one hand, and to provide appropriate instruments to collaborate with the Public Administrations, especially with the Town Halls, on the other hand, in order to increase the stock of rental housing without those bodies having to commit to public investment.

This initiative is being launched in a favourable market context given the growing demand for rental housing and the shortcomings of the current residential rental stock in Spain’s main cities (…).

Original story: El Confidencial 

Translation: Carmel Drake