Intermoney| According to the newspaper Cinco Días, referring to a report by the real estate consultancy Colliers, investment in the sector’s assets in Spain will suffer a cut of close to 50% over the course of this year, remaining at €9 billion. The reasons given for this include the aggressive monetary policy of central banks, which has pushed yields up. Another negative factor, which particularly affected the second quarter, was the succession of elections in Spain. However, the consultancy expects a certain rebound during the second half of this year, which will not compensate for the bad H1, which could continue throughout 2024.
Assessment: These are not exactly favourable factors mentioned by Colliers. The real estate sector, which could benefit in the future from the existing liquidity, is perhaps looking for a stabilisation horizon for interest rates. In the meantime, the fact is that the results of the socimis listed on the continuous market have been quite satisfactory, with solid EBITDA growth, without any noticeable drop in occupancy in Madrid or Barcelona. On the other hand, shopping centres have already more than recovered their revenue levels, helped by inflation. Valuation cuts ranged from 3% for Colonial (Buy, PO 9.5%) to less than 1% for Lar España (Buy, PO €8).
