The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) has launched a campaign to sell plots of serviced development land (suelos finalistas) with average discounts of 15%. The assets will be advertised at exceptional prices for two to three weeks on the microsite www.ocasionsuelosareb.com, where all the information needed to carry out a real estate analysis will be provided. After this period, the plots of land will be removed from the microsite and will return to their previous price.
Sareb's new sales initiative will be implemented over 10 consecutive campaigns running throughout 2016. Phase one will include 43 assets, with a total buildable area of 158,000 sqm, enough to build 1,415 homes. Half of the plots of land are located in the Community of Valencia and Catalonia, with Asturias in second position by buildable area. The remainder of the plots are located in Andalusia, Balearic Islands, Cantabria, Castilla y León, Galicia, Madrid, Navarre and the Basque Country.
The portfolio now coming on to the market primarily comprises plots of serviced development land chosen for their liquidity, with the aim of appealing to a wide range of potential buyers. The average asset value is circa EUR 970,000, although there are notable differences. Consequently, the most affordable plot of land, located in Lleida, is on the market for EUR 191,000. In contrast, the most expensive asking price is for a plot located in A Coruña earmarked for the development of single-family homes, on the market for EUR 2.9 million.
For Alfredo Guitart, Managing Director of Business at Sareb, "The campaign aims to make the most of both the renewed demand for new-build housing in certain towns and the heightened interest in land". There was a marked increase in activity in the latter over the course of 2015, during which time land accounted for 44% of Sareb's own property sales and, for the first time, exceeded revenue from the sale of its own residential properties.
Land for sale in phase one:
|Location||Number of plots of land||Buildable area (sqm)||Homes|
|Andalusia ||2 ||7,945||80|
|Castilla y León ||1||4,800||61|
|Community of Madrid||1||1,286||18|
|Community of Valencia||13||72,860||650|