18th Apr 2023 @ 9:22 am

The Spanish Government has approved plans to make thousands of homes owned by the “Bad Bank” available. On Lanzarote, the total of properties available is 81.

Spain’s SAREB, known as the “Bad Bank”, was established in 2012 to purchase toxic assets from banks and protect the banking industry from the effects of the financial crisis.

The freeing of properties owned by the SAREB will make 50,000 properties available to citizens at an affordable rent. Almost half of these properties will be handed over to local councils and regional authorities.

Further details and time-scales are not known, but the SAREB is currently listed as owning 81 properties in Lanzarote, the vast majority of which are in Arrecife.  

The Socialist government’s aim is to convert 20% of Spain’s housing stock to publicly owned properties, available to citizens at an affordable rent. Currently only 3% of housing is public, far lower than the EU average of 9%.

The government also announced plans to construct 15,000 homes on land owned by the SAREB throughout Spain.

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