Neinor has started the works to build a residential building for rental housing in the Andalusian city. The property will have 137 homes and is scheduled to be completed in 2023, according to ABC de Sevilla.
The company will allocate 40 million euros to build the asset and plans to employ up to 300 workers during its construction. The developer is closing an agreement with a Cordoba construction company to raise the asset.
The property will be located on the site of Avenida América that housed the old Gran Capitán hotel, which was standing from 2005 until last April. The new building will have homes with one, two and three bedrooms and 183 parking spaces.
In total, in Spain the construction of 90,180 homes for rent is expected until 2028, more than 50% located in Madrid, according to a report published by the consulting firm Atlas Real Estate Analytics.
Although most of the supply is concentrated between Madrid and Barcelona, the demand extends beyond the two main cities. The communities where there is more room for growth for rent are Andalusia, with the capacity to absorb 291,451 units; Valencian Community, which can absorb 163,015 units; Galicia, with internal demand of 154,084 units, and the Basque Country with the capacity to lift 109,089 units.