This article outlines Sareb’s evolving social housing strategy and the accompanying plans to allocate a broad mix of assets to public housing initiatives. Sources close to the matter indicate a target range of 20,000 to 25,000 dwellings to be offered to autonomous communities and municipalities for social housing use. This allocation aligns with reporting from major outlets that followed Sareb’s trajectory after the state assumed control of the company in 2023. The plan aims to boost the number of residences Sareb contributes to the Government’s Affordable Rental Plan to around 50,000, expanding beyond the 25,000 to 30,000 figures previously cited by the Ministry of Transport. These numbers reflect Sareb’s shift toward using toxic real estate assets acquired from financial institutions during the post-2008 salvage era as a core part of its social mission.
This strategy involves collaboration among several ministries and government offices. The Economy Ministry, which oversees Sareb through the Regular Bank Restructuring Fund, the Transport Ministry responsible for housing policy, and the Inclusion and Demographic Challenge Ministry are all engaged with Sareb’s new social housing plan. The management team is stepping into these responsibilities as the state increases oversight. If the latest projections hold, the government will likely disclose finalized figures in the near future, possibly in conjunction with Sareb’s annual results reporting at month’s end, as part of the initiative’s initial strategic outline.
The Head of Government discussed the plan in a Senate briefing, noting that the legal entity will contribute 50,000 homes to the Affordable Rental State Plan. The objective stated is to increase the public rental housing stock by at least 100,000 units over time. It is known that Sareb’s contribution to this effort currently includes just over 10,000 homes owned and inhabited, plus an expectation that 10,000 to 15,000 more homes will come via land transfers to private developers for temporary use. These steps illustrate Sareb’s broader aim to restructure its portfolio while supporting public housing objectives.
three fields
The social housing strategy centers on three major fields. First, Sareb intends to offer 20,000 to 25,000 homes to local governments for social purposes. These assets could also be repurposed for public facilities. An example is Tortosa, where the town hall acquired a hospital in December for 615,000 euros to convert into a hospital facility. Second, Sareb has been increasing the portfolio presented to autonomous communities and municipalities responsible for housing. After starting with around 4,000 assets in 2013, the portfolio rose to 15,000 and could rise by another 5,000 in the following years. Actual progress has been slower than initial expectations, with only 3,386 properties made habitable by mid-year, reflecting ongoing challenges in asset management and the availability of housing in desired locations. Third, Sareb aims to use land transfers to private developers to accelerate asset sales and reduce taxpayer costs. A notable recent move involved transferring 500 units to the Community of Valencia for 50 million euros, with negotiations underway with other autonomous regions. This represents a substantial increase over the roughly 400 units sold to the public sector since Sareb’s inception in 2012.
Public-private cooperation
A landmark element of the plan envisions transferring land and assets to private developers who will build and manage 10,000 to 15,000 social rental homes for a period of up to 50 years or more. Sareb recently engaged the PwC consulting firm for 386,937 euros to advise on the technical, legal, and economic feasibility of the project. If the bid is approved by Sareb’s board, the first public tender could be launched in the summer, with subsequent rounds as the project progresses in several stages. The model mirrors arrangements seen in the Barcelona Metropolitan Area and the Community of Madrid, where the risk of construction, financing, and operation is borne by the contractor. Ownership typically returns to the state after land transfers complete. Although Sareb is slated to unwind by November 2027, both the Government and the Fund for Orderly Bank Restructuring have left open the possibility of extension should conditions require it. At this moment, such extensions are not on the table.
social accompaniment
The third pillar of Sareb’s plan focuses on the social management of dwellings not yet transferred. By the end of June, Sareb held about 1,243 socially rented homes with contracts primarily tied to former concessionaires. A dedicated directorate was established last year to oversee social and labor support programs, with a goal of expanding assistance to more than 10,000 families living in Sareb-owned homes. As of June, 1,297 units were already under construction. The affordable rent is set at 30 percent of the household income, and contracts span three years with potential renewals for two additional years. Management partners include Servihabitat, Sogemedi, and Gesocin, which provide livability support and aid vulnerable families in transitioning to more stable circumstances.
Additionally, Sareb collaborates with the Ministry of Inclusion and the Ministry of Demographic Challenge to promote housing in low-density areas. The aim is to deliver housing solutions for smaller households, entry-level renters, and seasonal workers, ensuring that social housing serves a broad spectrum of residents while continuing the company’s broader objective of asset liquidation and public cost reduction.