Real estate developer Aurquia will take off its activity with a decided business plan which includes closing 2022 with more than 450 new construction homes being marketed. These housing units will be distributed across a total of eight plots of land, whose development will be allocated to a joint investment of about 114 million euro.
These homes projected by Aurquia to be concluded by the second half of the year, will be for sale and to be rented across Madrid, Burgos, Valladolid, León, Zaragoza, Gijón, Granadilla (Tenerife) and Palma de Mallorca, and under the single-family and multi-family typologies. The first development, Aurquia Buenavista in Carabanchel (Madrid), will start being marketed this Friday, July 15.
Aurquia currently has a portfolio of land to develop of more than 1.000 homes for the coming years. Founded and directed by Ignacio Moreno, a renowned professional with more than 20 years of experience leading real estate projects in Spain, the developer will focus the bulk of its business on the segment of quality affordable housing, in which the it wants to position itself as the main platform to facilitate access to the 25–35-year-olds looking for their first home segment.
According to Ignacio Moreno, Aurquia’s CEO: «There is a large gap between the market offer and the needs of people who want to access a first home. The market does not cover that need because, in general, it has focused on high-priced houses, designed for replacement housing. At Aurquia we seek to reduce this gap and respond to that unmet demand by giving access to quality, functional homes at reasonable prices». According to data from INE, 55% of young people aged 25 to 29 in Spain are unable to gain access to a home. The rent and mortgage payments account for more than half of their net salary, so they are forced to share a flat or continue living in their parents' house. A recent study conducted by EY and Asprima pointed out that an average worker spends 67% of his income renting a home, while 23 years ago that same worker spent only 28% of his income.
«Aurquia was created with the aim of becoming the main reference within the affordable housing market. Our purpose is to meet a need, not to create or force it. To this end, we are developing an approach that integrates a social component into the business model and we are committed to a model of sustained profitability over time, projecting ourselves, compared to other models, in the long term», said Moreno.