Sareb, Spain’s ‘bad bank’, will be developing 13 residential projects on land placed in it during the aftermath of the financial crisis. The company will focus its developments in strategic locations as Málaga (three), Madrid (two developments), Valencia (two) and one in each of Sevilla, Pozuelo de Alarcón, Badalona, Alcalá de Heranores, Alicante as well as Vigo Alicante. Sareb expects to invest around €110 million in the 13 schemes. Construction on the schemes gets underway before the end of the year, with the completion of some scheduled for 2017. The news comes at a time when construction activity in Spain has fallen, even as residential demand is driving up prices.
