The Government has stopped its initial plan to completely sell Muface properties to pay civil servants' pensions after the eviction of the deceased Maricarmen Abascal. Muface's strategic plan consisted of selling all of its real estate assets in the medium term to meet its obligations to its pensioners, but it was rectified by decree.
A spokesperson for the Ministry of Digital Transformation and Public Function confirms to this newspaper that, if the latest housing decree is validated, what will be done is to transfer the management of these apartments to Casa 47, the state company of the Ministry of Housing instead of selling them. Muface will remain the owner against the initial plan called Plan Muface Avanza 2 2026-2028.
The Ministry of Óscar López thus rectifies its authorization to Muface, the General Mutual Society of Civil Servants attached to his department, for "the liquidation" in the next two years of its real estate assets with the aim of taking advantage of the rise in housing prices and thus obtaining resources.
According to the action plan approved at the end of 2025 by the Secretary of State for Public Function, Consuelo Sánchez Naranjo, "the study, appraisal and disposal of the real estate assets of the Special Fund" had to be activated by this fall for a "progressive" sale. This last fund is the one that pays the pensions of public employees and their heirs covered by mutual societies prior to the creation of Muface in 1975.
According to the approved plan, the real estate assets of the Special Fund currently consist of 204 properties, including garages and premises. Among them there are about 90 homes.
«These assets are legally affected so they are exclusively intended to finance the benefits of the Special Fund. The liquidation of this assets is key to addressing the pension capitalization of the Special Fund,” Muface herself justified the operation in the aforementioned plan.
The Special Fund needs an injection from the State every year to be able to meet its obligations, so a sale of homes at a good price would cushion public aid. The public company Segipsa (State Commercial Company for Real Estate Asset Management) was even commissioned to work on the operation, but the change is radical.
"The Strategic Plan [of Muface] predates the Royal Decree Law approved by the Government and pending validation in the Permanent Deputation," highlights the aforementioned ministerial spokesperson. He emphasizes that this decree, which the Government hopes will support the PNV, "establishes that Casa 47 will be able to manage the properties and dedicate them to the development of the Government's affordable housing policy, through businesses of a heritage nature that grant the use of them, with Muface and the Royal Trustees maintaining their ownership."
The episode shows the Government's twists and turns with the public housing stock and, where until now the idea had been to make the real estate assets profitable as much as possible by taking advantage of the price bubble, since the eviction of Maricarmen Abascal it has chosen to retain homes in public entities such as Muface.
This entity has organized auctions in recent years, but the strategic plan involved taking a qualitative leap towards the total sale of the heritage. That plan was consistent with making State resources profitable to reduce the public deficit but not with the current political position of the PSOE in the electoral campaign against doing "business with housing." The so-called bad bank Sareb has also evolved from attempting to sell its real estate assets and land to transferring much of it to Casa 47. This does not prevent, as this newspaper published on the 5th, the State from having awarded a super contract of 52 million to Aliseda (a subsidiary of Blackstone) to manage Sareb homes for the state public park. Blackstone has been identified by Sánchez himself and members of the Government as a large "vulture fund", but has resorted to its services for Sareb's enormous real estate assets.
