THE first-ever housing development financed entirely through crowdfunding is about to go up in the Cantabria regional capital of Santander.
A plot of 5,500 square metres, or one-and-a-third acres on the C/ Resconorio has been earmarked for the urbanisation, which will involve an investment of around €2.9 million.
It will house two apartment blocks of three storeys apiece, each with 17 flats, and 51 parking spaces, or an average of 1.5 off-road bays per property.
City councillor for planning and infrastructure, César Díaz, says crowdfunding is 'certainly a new thing' in the housing market but could provide a 'sustainable alternative' to the usual system of bank loans secured on the eventual properties.
It will also help revive the housing market in the region's main metropolitan area, Díaz says.
Santander city council has granted planning permission to the development company, SENOR, and has released the above photograph showing what the future urbanisation will look like.
