Residencial Montblanc / Palmas Altas (Sevilla)
Results
FY2020
February 23rd, 2021
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2.
Agenda
Table of Contents
1. Highlights
2. Business Update
3. Financial Overview
Jorge Pérez de Leza | Borja Tejada | Juan Carlos Calvo |
CEO | CFO | Strategy & IR |
3.
Highlights of 2020
5.
Key operational data as of December 2020
Active projects
ConstructionDeliveries / SalesLand portfolio
Financials
Notes:
(1) Defined as cummulative pre-sales (reservations + contracts) minus deliveries
(2) Average Selling Price
(3) Pre-sales in the period, net of cancellations
(4) Estimated number of units may vary in time depending on the type of projects and maximum buildability
(5) Calculated on Dec 2020 appraisal values
7.
Market Dynamics in Spanish residential
2020: a year of two halves
• 1H: impacted by the 3-month lockdown, on pre-sales and cancellation rates
• 2H: a return to pre-Covid sales ratios in first residence
2020
2021
Medium term
• Stable house prices, with a balanced supply-demand
• New construction starts down 30%: cautious approach from banks and developers
• Demand for land: very low during most of the year, but improving in 4Q
2021: A year for a gradual recovery
• Full year activity should improve vs 2020 (presales, launches, land sales etc.) but still below a normalised year
• Start of the year similar trends than 2H20
• Improving confidence later in the year with vaccination, cross-border travelling, etc.
• Less pressure on construction costs due to fewer construction starts
Mid-term: house market fundamentals remain very solid
• Positive demographics, particularly in the MVC locations
• Balanced affordability ratios, with historically low mortgage rates
• Rental segment: growing interest from institutional investors
• Lower construction starts in 2020/21 to create undersupply for 2022/23
• An opportunity for larger players, with a good access to land and to financing, to gain market share and benefit from lower costs
House price appreciation: stable prices in 2020 (%, a/a)
10
8
-10 -12
-2
-4
-6
-8
6
4
2
0
INE
sep.-13 mar.-14 sep.-14 mar.-15 sep.-15 mar.-16 sep.-16 mar.-17 sep.-17 mar.-18 sep.-18 mar.-19 sep.-19 mar.-20 sep.-20
Construction starts: down 30% in 2020
TINSA
120,000
100,000
80,000
60,000
40,000
New housing starts L12MHousing completions L12M
Source: INE
8.
Operational activity in 2020
Pre-sales (net)
Increase in activity
# of units
# of units
2H: +11% yoy
1,511
2018
2019
1H2H
Pre-sales: a year of two halves
2020
Deliveries
# of units
601
2018
Units in commercialisation
2019
Units in Construction
Operational Ramp-up
2020
Backlog of pre-sales
2019
2020
Deliveries
• Net pre-sales of 1,037 units in 2020, with 242 units in 4Q
• 1H20: impacted by the pandemic lockdowns and higher cancellations than normal
• 2H20: return to a more normalised market. Sales volume similar to pre-Covid levels, ex Costa del Sol and ex BTR
• Gross pre-sales of 1,357 units
• Backlog up 21% to 2,568 units
• In Commercialisation: 90 projects with 5,440 units
• 47% is already pre-sold
• New commercial launches in 2020: 1,000 units
• Plus 1,942 units active in design phase
• In Construction: 3,550 units in progress or completed
• New starts in 2020: 1,056 units
• Completions in 2020: 949 units
• Building licenses received: 1,196 units
• 601 units delivered in 2020, +108% vs 2019, in line with recent guidance range
• 4Q20: 312 units delivered
• Total revenues of €131m (+111% YoY)
9.
Confidence on growing future deliveries
Sales backlog: up 21%
# unitssales value
€271m
Sales backlog
909
Sales backlog
€597m
Dec. 18
Dec. 19
Construction progress
Sales 2020
Total: 3,550 units, split by % of construction progress # units
Deliveries 2020
911
€744m
Sales backlog
Dec. 20
0-25%
754
25-50%
50-75%
>75%
Completed
Notes:
(1) FOL = First Occupation License, to initiate delivery
Build to Rent: growing buyers' interest
An important portfolio already in operation
5 BtR projects: 486 units (1)
Project
Balcón de Europa
Jardines de Tetuán
486
Terrasses de Llevant (Palma de Mallorca)
Location
Arganda del Rey, Madrid
Madrid
Units
120 65 98 115 88
Pau Concordia Sanitas (Manresa, Barcelona)
Notes:
(1) Total project units, including some units to be sold to Build-to-Sell clients
Buyer
Delivery
Ares
Under deliveryAres 2022
• We see improved interest from institutional investors on BtR projects in recent months
• More open now to locations outside of Madrid or Barcelona
MVC's approach
• Forward-purchase or turnkey deals, on a case-by-case basis, is our preferred route to maximise returns
• Portfolio deals generally implies higher price discounts
• Becoming a rental operator is a different business model, delaying the monetisation of the portfolio, with extra return below our CoE
• c.550+ units selected for future BtR transactions, and to initiate construction in 2021
• Aimed for selling to BtR investors before completion
• Locations: Valencia, Seville and Alicante
• On top of this: more units identified for subsequent years
Land management: securing prime locations for future years' launches
Land is 83% fully permitted
Land porftolio: present in the most dynamic locations (1)
Geographical presence by asset size in GAV
• 307 units transformed to fully permitted in 2020
• Now 83% FP vs 74% at IPO
• Several major milestones achieved to secure land available in the most attractive locations:
✓Madrid: Arpo, Clesa
✓Barcelona: 3 Chimneys, Seda-Papelera ✓Seville: Palmas Altas
✓Others: A Coruña (Percebeiras), Tarifa, etc.
Madrid: some key plots
Getting ready on prime locations
• On track to transform major land plots to FP to feed future launches in 2022/23:
✓+6k units expected to become FP by 2023 ✓In key prime locations like Madrid,
Barcelona or Valencia
✓Capex: c.€60m in 2021 in land transformation
• A clear competitive advantage: it is still very challenging to find quality land in good locations, similar to MVC's
Arpo / Pozuelo 256 units Fully-permitted
Los Cerros / Madrid 1,645 units
1%
GAV
La Estación / Getafe 433 units
1%
Under permittingMesena / Madrid 160 units Fully-permitted
Distrito Norte / Alcorcón
Under permitting
GAV
1%
GAV
2%
c.2,000 units Under permitting
4%
GAV
GAV
Barcelona
Valencia
Seville
3 Chimneys /BarcelonaSeda-Papelera / El Prat
Vinival / Valencia
Benimaclet / Valencia
477 units + mixed use | 2% | 1,558 units | 2% | 486 units | 472 units | 1% |
Under permitting | GAV | Under permitting | GAV | Under permitting | Under permitting | GAV |
GAV
1%
Palmas Altas / Seville 2,177 units
Fully permitted
5%
GAV
(1) Map excludes some provinces with a small presence, below €10m in GAV
(3) Fully permitted land defined as land with both urbanization and rezoning plans approved
Land sales
Land sales in 2020: €16m revenues
Palmas Altas (social housing)
El Puntal (UA 2)
Unipapel Logroño
Sevilla
Murcia
La Rioja
Residential
Residential
Residential
Palmas Altas (Seville)
276 27,600
117 12,922
44 3,769
Improving demand from 4Q20
• Increased interest from 4Q20, more evident for residential use than for commercial uses
• Sales in 2020:
• Revenues of €16m, mostly in 4Q20
• Confimation of the pipeline reported with 9M results
• Sale price in line with the book value and appraisal values
• Valdebebas land sale: excluded from the financial accounts, taking a conservative approach. After signing the sale in 1Q20(1), the buyer has failed to meet its contractual obligations
• Total cash inflow of €45m from land sales in the year: includes €29m collection from sales signed in 2019
Outlook for land sales
• Current pipeline: >€15m
• We expect land liquidity to improve gradually during 2021, particularly for commercial land
(1) Land with a buildable area of 34,800 sqm for office use in Madrid. Included in the interim 1Q20 accounts for €48m revenues, with a very small impact on Ebitda or net earnings, as the price was similar to the book value
Commercial segment: ongoing projects
Commercial projects under development
79 % of Commercial GAV in Madrid & Barcelona
Madrid 48%
Name
Location
Sqm
% progress(1) Completion
Comments
• Final approval of change of use in General Plan
Clesa (Madrid)
• 88,700 sqm of mixed use (offices, coliving, student accommodation, retail, etc.)
• Works expected to start in 2021
Note: (1) Data as of January 31, 2020
Financial accounts: FY20 highlights
Novolérez (Pontevedra)Nereidas (Torremolinos, Málaga)
Profit & Loss
Total revenues: €146.1m
EBITDA: €-9.0mNet Income: €-163.5m
includes €137m impact from lower appraisal value of assets
Financial situation
LTV ratio: 8.5%Net debt: €228.4m
Cash: €334.0m
Appraisal values
GAV: €2,679m
Dec 2020
NAV: €16.48 / sh
Dec 2020
Net Debt in December 2020
Net debt details
Altum Lezkairu (Pamplona)Metropol Parc (Barcelona)
Eur m Dec. 2019 Jun. 2020 | Dec. 2020 |
Developer loans Corporate debt 48.8 110.9 103.6 247.3 | 178.8 257.1 |
Gross Financial Debt 152.4 358.1 | 435.9 |
Unrestricted cash & S/T invest. 74.8 217.0 | 207.4 |
Net Financial Debt 77.6 141.1 | 228.4 |
Restricted cash (1) % LTV 67.4 2.9% 87.2 5.4% | 130.1 8.5% |
• €299m new bank loans signed in 2020: project loans €282m and corporate loans €17m
• Registered Commercial Paper Program in
October of up to €100m. Open balance of €16m at year-end
• Over €300m pre-agreed loans for new construction starts
Strong financial situation
LTV ratio 8.5%Total cash €334m
• Increase in net debt reflects progress in the activity ramp-up, with LTV ratio well under control
• Total cash of €334m, higher than normal due to conservative policy in the current context
• €367m in unused project loans
• No significant debt maturities in the near term. Corporate loan expires in Dec. 2022
Notes:
(1) Restricted cash includes advances from clients, which is not used for the calculation of the net debt or LTV ratio
Free Cashflow to equity
Cash Flow detail
Eur m
FY 2020
+ EBITDA (9.0)
+ Book Value of land sold (1) 9.0
+ Book value of land in residential deliveries (2) 31.0
- Net financial expenses paid (7.7)
- Corporate taxes paid 0.0
- Contractual repayment of corporate debt (3) (14.0)
- Other working capital changes (4) 18.5
= Adj. Free Cashflow to Equity
27.8
- Capex in work in progress (280.2)
- Capex in land (19.3)
- Change in cash advances from clients (+/- ) 81.0
-Others (+/- ) 55.4
= Reduction (increase) in net debt
(135.4)
Positive FCF generation: €27.8m
• Driven by monetisation of land in residential deliveries and land sales
• Capex in construction WIP and land is financed with an increase in project loans and advances from clients
Residencial Aria (El Ejido, Almería)
Notes:
(1) Cash recovered from land sales, not included in EBITDA; (2) Land component in the cost-of-goods-sold, which represents cash flow generation assuming no need to replenish the land bank; (3) Based on the corporate loan agreement, 15% of the land revenues will be used to anticípate the repayment of this loan; (4) Includes deferred cash collection of sales registered in other periods
Appraisal update: NAV of €16.48 per share
Net Asset Value calculation
Eur m Dec.2019 Jun.2020 | Dec.2020 | 2H %YoY % |
Shareholders' funds +/- Capital gains gross +/- Other adjustments 2,340.8 2,264.8 363.4 299.1 9.5 25.6 | 2,179.8 265.4 54.2 | -3.8% -6.8% |
= NAV gross 2,713.6 2,589.4 | 2,499.4 | -3.4% -7.9% |
+/- Taxes on capital gains +/- Other adjustments (90.8) (74.8) (9.5) (8.0) | (66.4) (6.5) | |
= NAV net 2,613.3 2,506.7 | 2,426.6 | -3.2% -7.1% |
Number of shares (m) 151.7 151.7 | 151.7 | |
NAV per share (€) 17.89 17.07 | 16.48 | -3.4% -7.9% |
NNAV per share (€) 17.23 16.53 | 16.00 | -3.2% -7.1% |
Comments
• LFL change of -7.5% vs Dec.2019 and -3.4% vs Jun.2020
• Impact of €214m on NAV and €137m on P&L impairements, as appraisal values are close to book value (GAV to BV ratio of 1.1x)
• GAV and NAV figures provide considerable upside at the current stock price
Land value in €/sqm
Portfolio breakdown (GAV) in € M
596
456
461
MVC total
GAV to GDV ratio %
Residential
FP
Residential
250
Residential | Commercial | Total |
564 | 2,216 | 83% |
31 | 463 | 17% |
595 | 2,679 | 100% |
22% | 100% |
78%
Fully permitted
1,652
195
Under permitting
432
Commercial
Implied with stock price (1)
GAV Total
NFP
2,084
Notes:
(1) MVC stock price as of 19/02/2021
RIVA (Marbella)
Shareholder remuneration
• Policy to distribute 80% of FCF generation
• Dividend figure for 2Q21 to be decided in late March for AGM approval
• Cashflow in 2019+2020: €71m
→ Cash payment will be higher than the €0.26/sh suggested last October
• €15.4m invested to date(1), 1.67% of the share capital
• Acquired with external financing, via equity swap
• Total plan: up to €50m or 8m shares
Notes:
(1) Data as of 19/02/2021
Perspectives for 2021
Strategic priorities
at YE2020, for deliveries in 2021-2024
Key strategic priorities
Improve business returns
Consolidate the operational ramp-up in residential developmentCreate value through land management
Optimise size of the land portfolio
Focus on cashflow generation and shareholder remuneration
Medium term outlook
7,382 units active
Accelerate sale of land and optimise the portfolio
2021-2024 | Current | |
FCF | > | market cap |
Balcón de Europa (Arganda del Rey, Madrid)
Profit and Loss Account
(€m)
FY 2019
Revenues 170.1
Residential Development 63.2
Land Sales 106.9
COGS (146.1)
COGs Developments (51.5)
COGs Land Sales (94.9)
Others 0.3
BC
Gross Profit 24.0
% Gross Margin 14%
Commercial Cost (11.3)
Wages & Salaries (15.0)
Overheads (8.0)
EBITDA (10.3)
D
(Impairment)/revaluation/ depreciation 12.9
EBIT 2.6
Net financial results (4.8)
Others (0.2)
Pre-tax profit (2.4)
E
Income Tax (2.1)
Net Income (4.5)
FY 2020
146.1
130.3
15.8
(123.0)
(107.5)
(15.9)
0.3 23.1 16%
(10.9) (14.7)
(6.5)
(9.0)
(135.0)
(144.0)
(7.1)
(6.3)
(157.4)
(6.1)
(163.5)
A -Total revenues of €146.1m
• Residential revenues of €130.3m
• Land sales of €15.8m
B - Gross margin of €23.1m
• 18% margin in residential development
• 0% in land sale: price in line with book values
C - Overhead plus personnel expenses of €21.2m
• 8% decline yoy
• Expenses related to active projects rather than current deliveries
D - Impairement impact of €137m
• Derived from the asset appraisal update in December
E - Income tax expense of €6.1m
• Reduction of deferred tax assets associated with deliveries and appraisals
Balance Sheet
(€m)
Dec. 2019
Investment Property 334.1
Other non-current assets 254.0
Total non-current assets 588.1
ABCC
Inventory 1,902.3
Land 1,215.5
WIP & finished product 686.8
Cash 139.7
Other current assets 48.2
Total current assets
2,090.2
Total assets 2,678.4
Provisions 10.1
Bank debt 95.0
Other non-current liabilities 23.4
Total non-current liabilities 128.4
Provisions 19.0
Bank debt 53.5
Other current liabilities 136.6
Total current liabilities 209.1
D
Shareholders' funds 2,340.8
Total equity + liabilities 2,678.4
Dec. 2020
321.3 154.0 475.3
1,982.6 1,097.7
884.9 334.0 133.7
2,450.3 2,925.6
14.6 217.4 30.4 262.4 26.6 215.9 241.0 483.5
2,179.8 2,925.6
A - Book value of real estate assets (inventory + investment property + others): €2.26bn
• Ratio GAV to BV reduced to 1.1x from 1.16x
• Increased proportion of work-in-progress and finished product: 45% of inventories now vs 36% the year before
B - Cash balance of €334.0m
• An increase of €194.3m in the year
• Includes €130.1m advances from clients and €203.9m unrestricted
C - Financial debt
• Increase due higher volume of work in progress
D - Shareholders´ funds
• Decline related to the impairment on asset values, based on the latest appraisal
Data series: evolution of key operating data
# Units | 2017 | 2018 | 2019 | 2020 | 1Q18 | 2Q18 | 3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 |
Pre-sales in the period | 512 | 888 | 1,511 | 1,037 | 88 | 157 | 238 | 405 | 417 | 424 | 263 | 407 | 263 | 27 | 505 | 242 |
Backlog of presales (units) | 541 | 909 | 2,131 | 2,568 | 593 | 675 | 840 | 909 | 1,312 | 1,718 | 1,882 | 2,131 | 2,248 | 2,195 | 2,637 | 2,568 |
Backlog of presales (€ m) | 135 | 271 | 597 | 744 | 149 | 178 | 250 | 271 | 377 | 487 | 533 | 597 | 630 | 619 | 747 | 744 |
Active projects (# projects) | 48 | 102 | 136 | 125 | 62 | 86 | 92 | 102 | 105 | 121 | 121 | 136 | 134 | 133 | 125 | 125 |
Active units total | 2,141 | 5,565 | 7,962 | 7,382 | 2,959 | 4,546 | 4,912 | 5,565 | 5,834 | 7,436 | 7,340 | 7,962 | 8,054 | 7,893 | 7,429 | 7,382 |
Units in commercialisation | 1,222 | 3,840 | 5,378 | 5,440 | 1,422 | 2,314 | 3,137 | 3,840 | 4,625 | 4,899 | 5,168 | 5,378 | 5,501 | 5,084 | 5,406 | 5,440 |
Units in construction | 955 | 1,329 | 3,383 | 3,550 | 1,003 | 1,192 | 1,200 | 1,329 | 1,902 | 2,803 | 3,388 | 3,383 | 3,747 | 3,463 | 3,639 | 3,550 |
Deliveries in the period | 110 | 520 | 289 | 601 | 36 | 75 | 73 | 336 | 14 | 18 | 99 | 158 | 146 | 80 | 63 | 312 |
Note / Definitions: Pre-sales: number of reservations plus contracts signed in a period of time, net of cancellations; Sales backlog: balance of accumulated pre-sales minus deliveries at a certain date; Units under commercialisation: total number of units in projects under commercialisation, including sold and unsold units; Active units: units in projects launched internally, including projects already under commercialisation and projects in design phase (prior to commercialisation)
MVC clients & projects: profile by location, price, age and motivation
Range of selling prices: €k per residential unit
Targeting a wide range of prices, with an ASP of €303k/unit in commercialisation
44%
< 150 k
150-200k 200-3000k 300-400k 400-600k
> 600k
Notes
(1) Calculated as percentage of units in the sales backlog, excluding build-to-rent sales
Land management: recent milestones
Land transformation
• Several major milestones achieved to secure land available in the most attractive locations:
✓Madrid: Arpo, Clesa
✓Barcelona: 3 Chimneys, Seda-Papelera
✓Seville: Palmas Altas
✓Others: A Coruña (Percebeiras), Tarifa, etc.
Land management: key recent milestones
Land portfolio: 83% fully permitted
Palmas Altas (Sevilla)
• Urbanization plan approved in January, and 207 units (3 projects) to be launched commercially in 1Q21
• Urbanization works starting soon, to be completed in 1Q 2023
Three Chimneys (Barcelona)
• Initial approval of General
Plan Modification in 3Q20
• To become FP and
Urbanization works expected to start in 2022
Seda-Papelera (Barcelona)
• Initial approval of the
General Plan Modification in 1H20; final approval in 4Q21
• Urbanization works expected to start in 1Q23
Organised 4k units Developable 6k units Non-urban 2k units ----------12k units
Tarifa (Cádiz)
• Transformed to developable in 1H20
• Final approval of
Urbanization works General Plan
• Urbanization works expected to start in 2023
Percebeiras (A Coruña)
• Issuance of environmental certification (after approval of draft masterplan)
• Expected to become FP in 2023
Portfolio by provinces: strong presence in the key areas
Portfolio details by province, ranked by % of GAVGAV (%)
Location
TotalResid.
Commerc.
Number of residential units
TotalFully permittedUnder permitting
Madrid Barcelona Málaga Seville Valencia Cádiz Balearics Alicante A Coruña Canary Islands Rest of Spain
21%
14%
48%
4.8k
0.9k 3.9k
16%
12%
31%
4.2k
1.9k 2.3k
17%
22%
0%
2.6k
2.3k 0.3k
6%
8%
0%
2.5k
2.5k
-
6%
8%
0%
3.4k
2.1k 1.3k
5%
5%
3%
1.6k
1.1k 0.5k
4%
3%
7%
0.6k
0.6k
-
3%
4%
0%
1.6k
1.2k 0.4k
3%
4%
0%
2.0k
0.9k 1.1k
2%
3%
4%
2.2k
2.0k 0.2k
17% 100% 2,679
19% 100% 2,084
6% 100% 595
9.4k 34.9k
7.3k 2.1k
Total MVC
22.8k
12.1k
GAV (€m)
Corporate & ESG: initiatives and recognitions
ISO quality certifications
ISO 9001:2015
•Metrovacesa obtained in Nov. 2020 the ISO 9001-2015 Quality certification, audited by AENOR
•Sustainability initiatives will consolidate with the ISO 14001 in late 2021
Among 100 best companies to work in Spain
•Metrovacesa has been included among the 100 best companies to work in Spain, training its employees with workshops in applications, skills and specific plans such as a master degree in real estate management
Equality in the company
Award
•In June 2020, the distinction
"Equality in the company"
was awarded to MVC, for its plan for equal opportunities among women and men, avoiding the risks of discrimination based on sex and defining protocols to identify these situations
ASPRIMA - SIMA
Award
•Metrovacesa's DE CONFIANZA project has won ASPRIMA-SIMA award for Best Innovation Initiative, recognizing its groundbreaking use of blockchain technology in the sector
European Green
Deal
•Metrovacesa participates in a project led by the Norwegian University of Science and Technology for Climate Positive Circular Communities in Palma de Mallorca with the Llevant Innovation District
MVC- PROPTECH
TikTok
Metrovacesa and Proptech have joined forces to develop a platform that adapts their channels to current market demand, following the TikTok model, by interacting through short music videos showing the main details of its projects to attract customers
Metrovacesa supports entrepreneurs
Specialized advice on real estate assets free of charge to those entrepreneurs who are looking to buy/rent a property Collaboration of partners such as Alastria, Conector Startup Accelerator and InviertisMetrovacesa participates in the 4th edition of Inspiring Women Leaders in Digital Era, the biggest online talent event worldwide. Disruptive technologies (Blockchain, AI, DeepLearning, AR, VR, Nanotech, Robotics) are helping to activate the economy, changing business models
Housing demand and demographics
Demographics: projected household creation by region 2020-2035
Source: INE projections
258,550 240,474
204,816
137,296
96,394
61,481
Castilla y
57,541
Murcia
Asturias
León
23,392
21,306
19,908
14,868
País Vasco
4,293
Aragón
3,890
2,847
2,615
-14,514
-35,144
MadridAndalucía
MVC GAV %
CataluñaCom. ValencianaCanarias
Islas Baleares
Castilla-La Mancha
Navarra
La RiojaExtremaduraCantabriaGalicia
3%
2%
4%
1%
1%
-
1%
-
Demographics: total population and households (millions)
60
Housing transactions (units)
900,000
Affordability and effort ratios
80
10
20
55
50
45
40
35
30
25
20
15
10
5
0
1999
2000
2001
2002
2003
2004
2005
2006
2007
Total population (M) - LS
800,000
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
18
16
14
12
10
8
6
4
2
0
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
70
60
50
40
30
20
10
0
Sep-20
Sep-90
9
8
7
6
5
4
3
2
1
0
Sep-91
Sep-92
Sep-93
Sep-94
Sep-95
Sep-96
Sep-97
Sep-98
Sep-99
Sep-00
Sep-01
Sep-02
Sep-03
Sep-04
Sep-05
Sep-06
Sep-07
Sep-08
Sep-09
Sep-10
Sep-11
Sep-12
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
Sep-18
Sep-19
Households (M) - RS
New
Used
Source: MFOM
Effort rate (% gross household income) - LSAffordability rate (# años) - RS
Source: MFOMSource: Bank of Spain
MVC project examples I
Novolérez (Pontrevedra)Mirador de la Albaida (Córdoba)
Link to project websiteLink to project website
Luz Lezkairu (Pamplona)RIVA (Marbella)
Link to project websiteLink to project website
MVC project examples II
Gaztelondo (Bilbao)
Link to project website
Metropol Parc (Barcelona)
Link to project website
Jarales (Algeciras)Oceana Views (Estepona, Málaga)
Link to project websiteLink to project website
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Disclaimer
Metrovacesa SA published this content on 23 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2021 08:43:06 UTC.