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The Build to Rent Business Accelerates in Spain with Thousands of New Rental Homes

These months of lockdown have boosted the establishment of a new product in the market, that of homes for rent, a business that Pryconsa, Axa IM, Locare, Housfy, Ares, Amenabar, Aedas and ACR have already signed up to.

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Last week, the manager AXA IM-Real Assets, the real estate arm of the insurance company Axa, gave us a clue as to the direction of the Spanish real estate market over the short- and medium-term with its purchase from Tectum of a portfolio of 919 homes, intended for rent and located in the Community of Madrid, for 150 million euros.

The truth is that the current health crisis is causing many property developers to regard the possibility of selling entire developments intended for rent to investors, as turnkey projects and known as build to rent as a viable business alternative. The residential markets of Madrid and Barcelona, ​​the two main centres for rental properties, have begun to transform, with the emergence of nearly 100,000 new homes for rent in both cities in recent weeks, according to data from the Brains RE real estate big data platform.

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