Spain’s largest developers are facing the post-holiday business year with a portfolio of land acquired at less elevated prices than during the previous cycle. The data demonstrates that the firms have some breathing room during this moment of economic uncertainty. The world, and in particular Spain, is struggling to adjust to the new normal dictated by the coronavirus.
“Having a portfolio purchased at reasonable prices means that in times of crisis there is some margin to adjust prices, divest or delay projects,” say industry sources. Having a bank of usable land has allowed, for example, Quabit to reach an agreement with Sareb to eliminate 19.9 million euros of debt by handing over several plots of land in Es Mercadal (Menorca).
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