Post by account_disabled on Mar 16, 2024 5:26:26 GMT -5
Sareb reappears on the political scene after being created in 2012 with the aim of rescuing the banks' toxic real estate assets. This government company, also known as the bad bank , was established as a requirement imposed by the European Union to receive the financial rescue of banks , of up to 100,000 million euros, after the 2008 crisis, generated mainly by the real estate bubble . Would you like to work leading teams of commercial real estate agents? Train with Euroinnova SCHOLARSHIP 20% REAL ESTATE MASTER: Master in Real Estate Business Administration and Management + University Degree REAL ESTATE MASTER: Master in Real Estate Business Administration and Management + University Degree 85664 DOP 107080 DOP Master in Real Estate Commercial Management What is the main function of Sareb and how does the “bad bank” work? Mainly, Sareb is dedicated to buying properties owned by banks at a lower price to clean up their accounts. In principle, this proposal began as a tool to rescue the Spanish banking system , but it ended up increasing the public deficit and the Spanish Public Treasury had to take charge of the debt.
Currently, the properties that are in the hands of Sareb are being used as a possible solution to the current problem of access to housing in Spain, but is it really feasible? What are Sareb homes and why are they coming out now? Currently, we want to alleviate the problem of housing and, above all, young people's access to it, by promoting a project that allocates 50,000 Sareb homes for affordable rental. 35,000 of these apartments have already been built and the other 15,000 will be built on land donated by this Phone Lead same entity. Furthermore, the group of 35,000 homes already built includes 14,000 that are already occupied and whose tenants will be offered a social rental to avoid evictions. With this initiative, we want to promote social housing and give a second life to the properties that the “bad bank” needs to get rid of to cover the debt purchased after the crisis. What advantages does the “Sareb housing” project have? Like any political initiative, none is entirely good or bad, since we must attend to the infinite number of variables, contexts and changes that fluctuate in the socioeconomic framework. However, the following points could be indicated as the main advantages of this project in terms of housing. The number of social housing and affordable rentals will increase.
Sareb will cooperate with local organizations through the temporary transfer of usufruct of homes. Advantageous housing acquisition conditions will be offered to different administrations so that they become part of their public housing stock. What problems do “Sareb homes” present? The homes that are already built have been for sale for a long time, so renovations will be necessary. 000 of these houses are not yet built. Not all communities will have the same number of Sareb homes nor will they be distributed based on the number of inhabitants. For example, in Madrid and Barcelona, two of the urban centers where the housing problem is most acute, there is less availability of Sareb homes. Many of these homes are squatted. Who forms the Sareb? Sareb is a mixed ownership entity, with 45% participation from the Spanish state and 55% from private investment . However, there are groups that are advocating for the organization's housing to become government property, which would give tenants and owners greater power by being included in the Housing Law. All this arises as a result of the increase in Sareb's debt, which has generated great discomfort among the population, since it affects the country's figures. On the other hand, there is Eurostat, which has been essential in this context and which has forced this organization to be reclassified. Who is Sareb financed by? Finally, it is important to know that Sareb is financed by various organizations, including: the Spanish State , the Fund for Orderly Bank Restructuring (FROB) and several private banking entities . These organizations provided Sareb with the necessary funds to acquire the real estate assets of Spanish banks in financial difficulties during the economic crisis. In exchange, the banks received bonds issued by Sareb and backed by the Spanish State.