Unfinished homes, in a residential area of Casares, which may be completed this year. :: JOSELE-LANZA
The demand for cheap holiday homes on the Costa del Sol, especially those destined for the foreign market has revived the interest of Sareb (‘sociedad de gestión de activos procedentes de la reestructuración bancaria’ or bad bank) in completing the stalled building work on such properties.
The company, created in 2012 as part of a condition laid down by the European Union in exchange for aid of a hundred billion euros to Spain’s banking sector, is responsible for dealing with toxic assets and has now turned its attention to two developments in Malaga province, totalling 116 homes.
Of these a hundred are concentrated in a residential estate in Casares, though the company will not yet say where. The homes are in the final phase of construction - 80 per cent built and in some cases lacking only electricity or phone connections or painted walls - and with works to re-start in July are expected to be completed by the end of the year and put on the market.
Sareb plans to complete a total of 2,857 homes in 36 provinces in Spain, in an attempt to assuage the debts of the country’s nine nationalized or restructuring banks. The project will cost 107 million euros.
Reaction from experts
According to the head of Malaga’s Colegio de Arquitectos, Antonio Vargas, there are 40,000 unfinished homes in Malaga province and the decision by Sareb to complete 116 of them is a token gesture. “The effort needs to be much greater”.
However, the director of Omau (‘Observatorio de Medio Ambiente Urbano’), Pedro Marín Cots, claims that the number of unfinished homes in Malaga is actually 3,000 and says that “if they are completing them it is because there is a demand for them”.