real estate sector

Companies, In Spain, Relevant News Item 11th August 2023

Urbas sells two blocks of new rental housing in Bilbao for €98 million

Alphavalue/DIVACONS | Urbas (UBS) announced to the CNMV the signing of a sale and purchase agreement whereby it has agreed to promote turnkey, to transfer on completion, to a European institutional fund specialising in residential, two blocks of new build rental housing on Isla Zorrotzaurre, Bilbao’s new Manhattan, the most important area of urban development and urban regeneration in the city in recent years, a development consisting of 314 homes,…

Relevant News Item, Spanish economy 7th August 2023

Investment in Spanish real estate sector expected to fall by -50% to €9 billion in 2023: Colonial’s assessment cuts by 3%

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…

Relevant News Item, Spanish economy 18th July 2023

New outlook for the Spanish real estate sector: slowdown in the housing market

Judit Montoriol Garriga (Caixabank Research) | The Spanish real estate market began to slow down in mid-2022 with the shift of direction of monetary policy. Although the ECB has raised benchmark interest rates by 4 pps for the moment, the pace of the slowdown has been gentler than anticipated, leading us to improve the sector’s outlook for 2023. Nevertheless, we continue to expect a significant slowdown in the Spanish real…

Spanish economy 14th June 2023

Bank of Spain warns there are half a million homes practically unsaleable but lack of developable land means prices cannot fall

A study by the Bank of Spain recommends that the government “review the procedures for managing land for development” to try to lower the price of housing in Spain, the high cost of which it attributes to the “mismatch between supply and demand”. The study, “El desajuste entre la oferta y la demanda de vivienda y su relación con los precios“, (“The mismatch between housing supply and demand and its…

Spanish economy 8th June 2023

Home purchases fall by 20.7% in April (to 49,639 units), average mortgage at €142,000

The number of home sales and purchases fell by 20.7% year-on-year last April, to 49,639 operations, according to notaries. Meanwhile, the average price per square metre stood at €1,622, 0.9% more than in April 2022, according to data from the General Council of Notaries published on Wednesday. By housing type, sales of flats fell 20.2% year-on-year to 38,269 units, with prices down 0.2% – to €1,787 per square metre –…

European economy, In Europe 1st June 2023

ECB warns of risks associated with liquidity in real estate and debt market

Banca March| The European Central Bank (ECB) continues to see “vulnerability” in the markets given the new interest rate scenario, which in its opinion poses higher financing costs for companies and households that could trigger a liquidity crisis, given the need for massive asset sales in a hypothetical panic scenario. This vulnerability would be concentrated above all in real estate funds and in the debt market, this being one of…

In Spain, Spanish economy 22nd May 2023

Spanish housing sales record second fall in March, down by 5.7%

Alphavalue/DIVACONS| Housing sales recorded a declining rate of 5.7% year-on-year in March to a total of 55,778 operations, in a context of higher interest rates to contain inflation, according to the National Statistics Institute (INE) on Thursday. With this year-on-year decline, housing sales are now showing two successive months of negative rates after declining by -6.6% in February. On the other hand, the Denaria platform branded as “abusive and arbitrary”…

In Spain, Spanish economy 18th April 2023

Rental housing stock down 5% while price up almost 8%

Bankinter : The supply of rental housing is sinking with prices at record levels. In the last year, the stock of rental housing has decreased -5%, while its price has increased by almost +8%. According to data from Idealista, in Q1 2023 the rental housing stock decreased by -5% year-on-year. Last year the decline was -37%. Analysis: It highlights the structural lack of supply in the housing market, which could…

Spanish economy, Spanish Politics 18th April 2023

Spanish Housing Law: end of CPI as reference index for annual update of rental contracts

Alphavalue / Divancons | On Friday, the Government reached an agreement with ERC and Bildu on the Housing Law which, among other measures, eliminates the CPI as a reference index for the annual update of rental contracts and sets a cap on rent increases of +3% in 2024 (which joins the +2% in 2023 already approved), extends the declaration of the so-called stressed areas and lowers the limit for being…

Spanish economy 20th March 2023

Housing market slowing down, but sharp correction unlikely

Caixabank | Housing sales remain elevated (649,000 units in 2022, the highest since 2008) but there are emerging signs of deceleration of housing demand: in December housing sales declined by 10.2% year-on-year and new credit for house purchases declined by 14.2% year-on-year. We expect housing sales to decline sharply in 2023 (-24% to 480,000) mainly due to the impact of the increase in interest rates and the impact of higher…

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