2 November 2016 – Cinco Días
Sareb is looking to capitalise on the final quarter of the year, typically a very busy time for real estate transactions and likely to be even more so in 2016, now that a Government has finally been formed after months of political deadlock and uncertainty.
Whilst a few weeks ago, the so-called bad bank launched Project Eloise, the sale of its largest asset portfolio to date, the firm is now preparing four new promotional campaigns to encourage the sale of its properties, focusing on: new homes, plots of land, rental properties and low priced assets.
The new commercial campaigns have been baptised as follows: “Casas de estreno”, “Suelo”, “Alquileres” and “Rebajas”, and their aim is “to complement the commercial and marketing initiatives” that Sareb has been carrying out through the four other commercial campaigns that it launched during the first six months of the year, according to a half yearly report that the company has just published.
Specifically, between January and June, Sareb launched the following campaigns: “Grandes rebajas”, through which it has generated sales of €15.6 million; “Casa Sareb”, containing residential homes, which has generated sales of €15.4 million; “Tu casa a toda costa”, focused on secondary residences, which was extended in July after it exceeded its sales target of €25 million; and “Madrid-Barcelona”, designed to offer exclusive homes for sale in Spain’s two largest capital cities, which has also exceeded its sales target, of €16 million.
The report about Sareb’s half yearly activity also highlights the commercial agreement that the bad bank has reached with the real estate portal Idealista to offer all of the properties that Sareb sells through the real estate platforms Haya Real Estate, Altamira, Servihabitat and Solvia, on a single website. By the end of June, the website was already displaying 90% of its supply.
Sareb has sold 8,930 properties during the first nine months of the year, up by 12% compared to the same period last year, although its revenues from those sales amount to just €2,270 million during YTD Sept 2016, down by 9.7% YoY. Following the blow dealt by the Bank of Spain’s new accounting circular, Sareb has just launched its largest portfolio for institutional clients: a package of loans secured by properties amounting to €1,000 million.
Original story: Cinco Días (by J. P. C.)
Translation: Carmel Drake