The Spanish finance and restructuring company Sareb has started a new round of sales of 2,337 homes along the entire Spanish coast.
The properties are of all sizes and all price ranges, from a studio in Torrevieja for € 32,100 to a house in Mallorca for € 866.000. The properties are located in nine different autonomous regions, but half of them are found in the Valencia region.
The sales are being conducted by the real estate agents Altamira Asset Management, Haya Property, Servihabitat and Solvia. It is the second time that Sareb is performing such a sale, and the campaign goes under the name Tu Casa a toda costa.
Sareb stands for Sociedad de Gestion de Activos procedente de la Reestructuración Bancaria – Company for management of the funds coming from the restructuring of the banking system. The company is state-owned and was founded in 2012 and was a requirement of the EU before the ailing Spanish banking sector could receive a subsidy of up to 100 billion euros. The company aims to restructure ailing banks by handling and disposal of distressed banks properties. Sareb is supposed to exist for 15 years and during this time they are expected to get a gain of 15%.