Increases purchasing offices and buildings
The real estate market is showing signs of recovery, at least in the sale of rental assets in the tertiary sector, where last year a record was reached: 12.500 million euros. The residential is slower due to the lack of disposable income and excess stock.
Jaime Pascual-Sanchíz, CEO of the consultancy Aguirre Newman, notes that 2015 was an “extraordinary” year in the sale of hotels, shops and warehouses for rent, exceeding 10,000 million in 2007.
The office vacancy rate stood at Madrid and Barcelona in 10.5%. “People opt for real estate investment, having no good alternatives. Neither the volatile equity and fixed income low convince them, “he explains.
In addition, other developed markets, such as Germany, USA and France Pascual-Sanchíz only saves London- ripe. “Spain is the most attractive in Southern Europe in price per square meter thanks to its prospects for recovery. Although we consider very serious our problems abroad also have them. Spain, however, looks very good. ”
The four SOCIMIs (joint stock companies listed real estate investment trusts) listed on the Spanish Stock Exchange Merlin, Hispania, Lar Spain and Axiare- have also attracted investors. They are exempt from paying corporate tax in exchange for pay dividends annually; have assets in income, they have to avoid speculation and be listed. Merlin has even entered the Ibex 35. “Investors are mainly hedge funds Americans,” says Pascual-Sanchíz.
This year “is not expected that the high number of transactions that were undertaken last year by a shortage of product is reached but that raise the average deal”.