Sareb approves annual accounts for 2024
The company repays a further €1,200 million in debt charged to the previous year’s accounts after recognising revenue of €3,060 million
Madrid, 17 de julio de 2025. Sareb’s annual accounts for 2024 have been approved by its General Shareholders’ Meeting. The company saw its revenue grow by 11% to a total of €3,060 million and continued to drive its portfolio towards social impact, with more than 9,000 social housing unit lettings approved in 2024. With revenue at record levels, Sareb made solid strides in its debt repayment mandate, settling a further €1,230.3 million against its 2024 accounts.
To date, Sareb has repaid over 44% of senior debt issued in 2012 to finance the acquisition of distressed assets from savings banks that received state assistance during the financial crisis. This is thanks to the success of Sareb’s strategy of pursuing its divestment programme while leveraging its assets for social benefit. Adopted in 2022, this commitment will increasingly come to the fore as the company moves forward.
Sareb posted income of €1,753 million from sales of real estate assets in 2024, up 6% on 2023, fuelled largely by strong sales in commercial property and suspended development projects. Consumer housing sales reached 8,900 units in 2024, before being halted by the General Shareholders’ Meeting on 20 March 2025.
Meanwhile, income from real estate development grew to €588 million, up 7% year-on-year. This figure includes €414 million relating to Árqura Homes, which delivered 1,650 residential units over the course of the year (vs 1,620 units the year before), a 5% increase in revenue.
Sareb’s financial assets achieved income of €658 million, representing year-on-year growth of 1%. Although modest, this gain is significant given the notable downsizing in its financial assets portfolio over time, thanks to loans being converted to property assets. Sareb has continued to strengthen its focus on social housing, having given the go-ahead for more than 9,000 units to be let at subsidised rates.
The sales volume achieved in 2024 has allowed it to continue to reduce its portfolio, resulting in a corresponding accounting loss due to the transfer cost for the assets inherited in 2012. Consequently, the company posted a net loss of €2,826 million in 2024.
On the expense side, efficiency savings cut non-financial costs by 13% y-o-y, to €511 million. Meanwhile, interest rate increases pushed up financial expenses due to interest on issued debt by 21% to €1,042 million.
Click here to view the 2024 Annual Report.
