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Important investors are now circling Spain looking at taking advantage of opportunities in the country’s stricken real estate market. The acceleration in the fall of Spanish property prices as well as a gradual return of stability and confidence to the country’s economy have bolstered investors’ interest.
In the last few days AXA Real Estate settled the purchase of office buildings from the Regional Government of Catalunya and some experts are predicting that the Spanish real estate sector could see a strong end to the year with the completion of several other large transactions.
Mikel Echavarren, the CEO of the real estate consultancy Irea, is one of those who sees positive signs; “we’re already talking about completed operations for example the ones involving the Regional government of Catalunya, the Municipal Company of Housing and Land (EMV) and El Corte Ingles. In my opinion there will soon be more such acquisitions which will act as a call for other investors to get involved.”
Investors are looking at all types of property: hotels, offices, residential housing and logistics facilities. The insurance companies AXA and Allianz are considering office buildings in prime areas while investment funds such as Cerberus and Fortress are scouring Sareb’s portfolio for opportunities.
Mikel Echavarren, CEO of Irea, is one of those that believe there may soon be a flurry of investment in Spanish
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But will it entice the smaller investor too?
I’m flying out end of this month to look over a business in Madrid I may invest in. But this would be a lease arrangement, it still seems too early to buy property. Maybe I’m being unnecessarily cautious, but I get the feeling there will be a few years yet before strong growth in property prices take hold.
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