Wed. Sep 20th, 2023
    Sareb approves 6,000 social rentals in its first year

    The Spanish Asset Management Company for Restructured Assets (Sareb) has recently announced the approval of 6,000 social rentals in the first year of its “Social Rental and Support Program”. These homes are part of the more than 13,300 properties that the company has transferred to the Directorate of Social and Affordable Housing and Institutional Relations. Additionally, around 2,000 properties have been given to public administrations for social rentals or emergency housing situations.

    Sareb has identified a total of approximately 28,000 vulnerable individuals residing in properties owned by the company, including social rentals and homes provided to public administrations. Catalonia is the region with the highest number of social rentals and recovered homes, with 7,011. It is followed by the Community of Madrid, with 2,433. In Catalonia, 45% of the homes already have a signed social rental agreement, while 20% are provided to public administrations. In the Community of Madrid, almost 60% of the properties are approved for social rentals.

    The other regions with a significant number of social rentals and recovered homes are the Valencian Community (926), Andalusia (836), Asturias (326), the Region of Murcia (325), and Castilla-La Mancha (308).

    In an effort to reduce its debt, Sareb has initiated the process of selling its headquarters in Madrid. The operation, based on a “sale and lease” model, is expected to be worth around 30 million euros. However, even after the sale, Sareb will continue to be the tenant of the headquarters.

    Sources:
    – Sociedad de GestiĆ³n de Activos procedentes de la ReestructuraciĆ³n Bancaria (Sareb)
    – Directorate of Social and Affordable Housing and Institutional Relations
    – Public administrations

    Definitions:
    – Social rental: a type of rental intended for individuals and families in a situation of economic and social vulnerability.
    – Emergency housing: a situation in which a person or family does not have suitable and stable housing to live in.