The real estate investment, excluding the purchase of the first or second residence, has reached maximum levels since 2007 in the fourth quarter of 2019, according to the latest survey of the confidence of the Spanish investor of the manager J.P. Morgan AM.
In the last quarter of 2019, investors have only increased their positions in real estate assets, which are positioned as the fifth largest financial asset that Spaniards have in their investment portfolio, with 21.3% of the total.
In any case, the bank deposit remains the predominant vehicle among Spanish savers, despite the zero returns of recent years. 88.8% of respondents claim to have deposits in the portfolio, and an additional 43.1% are willing to hire them in the next six months. The second most popular product is pension plans, with 42.1% of yes answers. Third, there are investment funds and listed funds (ETFs), with 29% of the total.
Pesimism for second quarter
The confidence of the Spanish investor experienced its second quarter in negative, with pessimism levels not seen since the beginning of 2016. The JPMorgan AM confidence index closed 2019 at -2.13 points, after breaking its eleven-quarter streak in positive in the third quarter of 2019.
41% of respondents estimate that the stock market is likely to fall in the coming months, compared to about 21% who see a rise more likely. Among the factors that undermined the mood of the Spaniards, the two most noted have been the perception that a new recession is approaching (40.5%) and the climate of political instability in Spain (33.2%).