In the first six months of 2018, Sareb sold a total of 10,618 properties, up 9% y-o-y. Growth was particularly notable in portfolio property sales, which climbed 7% to 5,926 units. The lion’s share of these properties (86%) were related to the residential sector (apartments, storage units and parking spaces), while 9% comprised plots of land and 5% were commercial properties. These sales generated €552.7 million in revenue during H1 2017, up 10% y-o-y.
The other 4,692 properties sold during H1 related to the divestment of properties that secured developer loans. As part of Sareb’s policy to collaborate with its borrowers, the company works to actively drive the sales of these properties in order to help developers generate enough liquidity to cancel their outstanding debts.
These results were achieved thanks to the hard work of Sareb’s servicers (Altamira, Haya, Servihabitat and Solvia), who launched eight new marketing campaigns, showcasing a total of 15,000 properties. Sales rates for these properties rose during H1, booking revenues of €137.1 million, up 6.3% y-o-y. We would highlight the positive results of ‘The Coastal Effect’ and ‘New-build homes’ campaigns, which focused on second homes and new-build homes, respectively. Campaigns were also launched for portfolios comprising a total of 500 plots of land and 200 unfinished developments, as well as nearly 500 plots of land located throughout Spain that were aimed at buyers interested in building single-family homes.
Over half of the sales completed related to properties located on the Mediterranean coast and in Madrid. The most active regions were the Region of Valencia (17%), Catalonia (16%), the Region of Madrid and Andalusia (both 12%).
Sareb’s online loan sales platform
Last year, Sareb launched a loan sales platform to make the financial assets market more transparent and boost sales. During H1 2018, Sareb completed the second phase of this platform, aimed at investors and professionals and designed to open up a channel to market secured financial assets (mostly developer loans secured by residential properties and plots of land). By giving these products visibility and allowing offers to be placed via this platform, in H1 this tool generated total debt sales with a par value of €33.9 million.
A new third phase of the platform – which has just been launched with a total debt value of €1,800 million – is now open for investors and professionals to place offers on the loans available on the platform.