GRUPO LAR closed an operation in Murcia with the purchase of a 1,574-sqm plot of land in which the first Build to Rent project in the region will be developed. It will be destined to the construction of 135 homes with 1, 2 and 3 bedrooms, in one of the most demanding areas of the city of Murcia, between Juan Carlos I and Juan de Borbón avenues. They are expected to be completed and available for rent by the end of 2023.
«The region's population has grown 28.6% since 2000 and its GDP has practically doubled in the same period. This, combined with a scarce rental market and practically entirely in the hands of individuals, make Murcia another very attractive place to develop this type of housing», explains the director of Grupo Lar's residential rental area, Jorge Pereda, about the Group's commitment to Murcia.
«We believe that the Build to Rent segment is an unstoppable trend for both social and economic reasons, and that is why at Grupo Lar we have been betting on it since 2019. Our commitment to rental housing in Murcia is firm, as it is a a city with great dynamism both economically and with population growth», adds Jorge Pereda.
These 135 homes are part of the portfolio of the platform created by the Primonial and Grupo Lar joint venture, which aims to develop and manage, in the long term, 5,000 rental homes in the main cities of Spain, which will represent a close figure to 1,000 million euros in assets under management.
Alliance with Primonial
With this recently signed joint venture, GRUPO LAR continues its strategic commitment to the rental housing segment, as announced in October 2019, to meet a clear market need: an annual increase in demand between 60-80,000 homes rent until 2024 in a framework in which only 49% of the population will have the necessary savings in 10 years to access a mortgage and with a 95% rental offer owned by individuals and largely in old buildings. Thus, for GRUPO LAR there is currently an imbalance between supply and demand in the residential rental market in large cities and a lack of supply of quality product specifically for rental: adapted to current demand, sustainable, energy efficient and professionally managed .
