Sareb is the Spanish government's 'bad bank'. It was formed in 2012 in order to manage assets of banks that were nationalised during the financial crisis. This management at present includes some 50,000 homes in Spain. On Sunday, Prime Minister Sánchez announced that these homes will be made available for affordable renting.
In the Balearics, there are 447. The president of the API association of real estate agents in the Balearics, José Miguel Artieda, says that it is "fantastic news, but late". He raises questions as to how these properties are going to be put to use, as "most are not now in a habitable condition". Some of them have squatters. "A large investment is required and not just the money for rehabilitation; there is also the time to evict potential squatters."
Luis Martín of the Proinba developers association says that the government's measure is one that should have been taken "four years ago". "Significant public management will be required and we already know that this is not very agile. How much money will be needed for each renovation - 100,000 euros or more?" Martín also highlights the issue with squatters, as the recently agreed text for the housing law "gives them a period of two years to continue there if they want".
The Balearic government has welcomed the Sánchez announcement. Spokesperson Iago Negueruela said on Monday that "this is the first time in history that this has happened and it has been done by a progressive government". "But would we like it to have happened sooner? Yes."