Relevant news on the real estate sector in Spain – December 2018


Relevant news on the real estate sector in Spain

We are pleased to provide you with information about news published in different media on real estate investments in Spain. Hope you find this information interesting. We are here to help you analyze how this information can generate opportunities for your next investment.

Home sales increased almost 10% in September, as informed by INE (National Statistics Institute)

 “September data on home sales operations in Spain reveal that operations continue to consolidate due to the stable growth that has been experienced for almost six consecutive months” as informed by Ferran Font, Research Director at The accumulated annual growth has reached 11%, especially as a result of the good performance of the market in the first months of the year (except March).

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The Spanish real estate market is the main focus of global funds

According to the “Active Capital” report prepared by Knight Frank consulting company, Spain ranked first in the “top 5” list of private equity investment destinations, reaching an amount of 5.3 billion dollars, followed by Germany (5.2), Finland (3.5), Japan (2.2) and China (1.7). This is significant information because, as shown by the report, these venture capital funds became the big protagonists in the sector last year, with a global investment increase of 60%.

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The signing of mortgages climbed 9.5% in September reaching more than 32,000 contracts

Based on information published today by the National Statistics Institute (INE), the average amount of mortgages signed that month in property registries was 127,732 euros, 4.1% higher than the amount reached in September 2017 and 4.3% higher than August. In total, the amount lent by Spanish entities in the ninth month of the year was 4,145.8 million euros, 14% higher than one year before and almost 18% more than the previous month.

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Investment in offices exceeds 2.1 billion until September

The office investment market has exceeded the amount of 2.1 billion euros during the first nine months of the year, 10% less than the figure reached throughout 2017, according to the latest information released by Savills Aguirre Newman. Madrid entails 70% of the entire investment made in Spain in the offices segment with 1.4 billion euros. The international capital continues to gain ground in this field, reaching 77% of the total and driven by operations with the highest ticket. Furthermore, the distribution of the investment volume has shown a clear tendency towards the periphery, covering more than 80% of the operations.

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On the coastline or around Madrid and Barcelona: these are the cities with the highest increase in homes

The average price of free-market homes has gone up 3.2% throughout Spain in the last year. In terms of money, this is an average 1,589 euros per square meter. The Land registry allows to compare the average price per square meter during the third quarter of this year with that of the last year, 22 cities shown a growth rate over 15%. Alcorcón ranks first. In this district in the outskirts of Madrid, the average square meter has climbed to 22.4% in the last 12 months.  Malaga should be added to the said group of 22 cities, which has experienced the highest increase in the last year (15.5%). It is followed by Barcelona (10.29%), Madrid (9,66%), Seville (8,81), Valencia (8,63%) and Zaragoza (4,01%).

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Altamira starts trading new projects and intends to reach 2000 homes.

Altamira Asset Management has announced a new line of business to trade new projects and assets for third parties under the name of Altamira Singularity. The new line of business of servicer Fondo Apollo and Banco Santander already has a portfolio with more than 300 homes distributed in six different developments but it has planned to reach 2000 units by the end of 2019. Currently, Altamira is managing assets for an amount of 54 billion euros derived from more than fifteen clients.

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Foreigners are buying more homes than ever in Spain: who are they? Where are they investing?

During the first 6-month period of the year, a number of 53,359 operations were recorded, this is the highest historic figure starting in the first 6-month period of 2007. By then, non-Spanish home buyers were quite fewer (around 33,000) and this figure declined in 2008 due to the crisis. The recovery started to become noticeable since 2014 and, since then, almost all six-month periods recorded an inter-annual 2-digit growth.

Britons are the foreigners buying more homes in Spain, 7,613 operations, 8.8% higher than the first six-month of last year. The second and third position is for French buyers (4,211 operations, 4.6% lower) and German buyers (4,138 operations, 2.1% lower).

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Madrid and Barcelona soared home price to peak values of real estate boom

Home price in Madrid is almost reaching the maximum levels of 2007, as informed by Anticipa Real Estate, which states that home prices will grow 10.2% in 2018 and 11.5% in 2019, these values are twice the values considered sustainable by experts. Despite this, both developers and banks insist on the fact that the market is very different from that of ten years ago and they strongly discard a situation similar to that experienced at that moment.

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GDP keeps its 0.6% growth during the third quarter

GDP grew 0.6% during the third quarter of the year as anticipated by the National Accounts published today by the National Statistics Institute (INE). The inter-annual rate remained stable at 2.5% during the third quarter exclusively due to national demand, which added 3 points to the inter-annual GDP growth in the third quarter. With the inter-annual growth in the third quarter, the Spanish economy has experienced 19 consecutive quarters with positive inter-annual rates and 20 consecutive quarters of growth.

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Homes in Spain went up 7.7% inter-annually in the third quarter: check how it has varied in your zone

Used homes prices in Spain showed an increment of 2.9% during the third quarter in 2018. This increase means 1,712 euros per square meter according to the last index informed by Idealista. Considering the annual variation, this is a 7.7% increase. The largest markets of such country, Barcelona and Madrid, experienced an anomalous situation which is of great concern. Ciudad Condal is the only one – out of the largest capital cities – which recorded a decrease in the third quarter of the year. In addition, there has been an increase of 1.2% inter-annually. In Madrid, on the contrary, even when there has been a 2% increase in the last three months, the inter-annual percentage reached 21.3%.

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Investment in real estate rose during the 3rd quarter of the year

Based on the data recorded by Cushman &Wakefield real estate consulting, the real estate sector is again registering record figures in investments. During the third quarter of this year, a total volume of 3.4 billion euros have been operated, 15% higher than the investment recorded in the same period last year, and up to 49% higher than the investment registered during the second quarter of this year which was 2.3 billion euros and, in the first quarter which reached the amount of 2.5 billion euros.

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The unemployment rate fell 8% in the second quarter and 469,000 jobs are created, a historic record

This April and June, a number of 469,900 jobs have been created in Spain, as informed by Encuesta de Población Activa (EPA) last Thursday. This increase of jobs in the second quarter of 2018 entails a historic record in the number of jobs created, a figure which had not been reached in any of the past quarters since this survey started to be conducted. The unemployment rate is 15.28%.

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The uneven growth of home prices reinforces the differences among the Autonomous Communities

Home price is still rising in Spain. One more quarter is showing an uneven growth among the autonomous communities, which reinforces the differences in regional prices. This is the case of Jaén, Teruel, Ciudad Real, Toledo, Cuenca and Cáceres, whose unit value is still under 850€/sq. m. On the contrary, Guipúzcoa, Vizcaya and Baleares have been exceeding the amount of 2000€/sq. m. Madrid, for the first time in the last years, has also exceeded 2000€/sq. m.

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Land sales operated 3.6 billion euros in the last year

Land sales operations closed in the last year between April 2017 and March 2018 totaled 3,590 million euros, 22.4% higher than the previous twelve months, also representing a peak figure in at least the last five years, as shown by the Ministry of Public Works and Transport. These operations involved 29.50 million square meters of lands, which means 26% higher than land surfaces acquired. and sold in the previous twelve months.

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