Our income and expenses
Our income is from the management and sale of two types of assets in our portfolio: developer loans and real estate. Our expenses are financial, commercial, property maintenance, arising from the transformation of assets and those required to maintain our business structure.
Below is a breakdown of our income and expenses taken from our most recent Annual Activity Report.
Sareb’s income
Sareb’s income is from the management and sale of loans and real estate assets.
In 2021, the company’s revenues amounted to €2,184 million. A total of €1,499 million revenues came from real estate management and sales, lending generated €657 million and the remaining €28 million was classified as other revenues.
Non-institutional sales (both individuals and companies) accounted for 85% of total sales.

Sareb’s income from the management of loans
In 2021 revenues from the management and sale of loans amounted to €657 million. A large part of the income, specifically, 48%, was from the liquidation of collateral properties (those guaranteeing the loans) and from Sales Growth Plans (SGP). The remainder was obtained from the amortisation and recovery of the debt (26%), from the cancellation and sale of loans (20%) and from interest paid on the loans (6%).

Sareb’s income from the management of properties
In 2021, with regard to income from the management of real estate assets, most was obtained from the sale of houses and ancillary properties (garages and storerooms), 69%. This was followed by the sale of land and commercial properties (shops, offices, bars and restaurants), with 26% and, to a much lesser degree, from income from rentals and other items (3%) and from Bank Asset Funds (BAF), with 2%.

Of the properties sold, 83% are Sareb’s properties, while the remaining 17% are sales made through agreements with developers (SGP).
Sareb’s expenses
To simplify and condense Sareb’s main expenses, it is useful to classify them in five main blocks:


1. Maintenance and community expenses
These are expenses incurred by Sareb to maintain and adapt its properties and for the payment of expenses associated with community fees. In 2021, this block of expenses stood at €180 million.
2. Company expenses
These are expenses required for the company’s activities and operations. Among others, they include wages and salaries or the facilities in which Sareb works. In 2021, the expenses arising from Sareb’s business structure stood at €74 million.
3. Expenses for commissions and servicing
These are expenses required for the sale of the assets, such as the commissions we pay to the sales companies or expenses associated with the actual sale of the properties. In 2021, this expense stood at €160 million.
4. Financial expenses
These expenses correspond to the cost of Sareb’s debt. In 2021, this block stood at €402 million.
5. Tax expenses
In 2021, expenses associated to payment of taxes amounted to €218 million.