real-estate-news Market News: Spanish Real Estate Intelligence

Competition Authority Approves Sale of MadeiraShopping
3 April 2020 Portugal’s Competition Authority (AdC) has approved the Mazabi Group’s acquisition of MadeiraShopping, in Funchal, through its subsidiary Atalaya La Tejita. The shopping mall is the largest on Madeira, consisting of more than 100 stores. Atalaya La Tejita notified the AdC of its acquisition of 100% of the Madeirashopping shopping centre three weeks ago. The Spanish real estate investment company  specialises in the development and management of shopping centres. The firm is also a subsidiary of Spain’s Mazabi Group. Original Story: Dinheiro Vivo Translation/Summary: Richard D. Turner
CMVM Issues Guidelines for Property Appraisers
1 April 2020 The Securities Market Commission (CMVM) issued guidelines for expert property appraisers, admitting that in justified cases, inspections can be carried out by third parties using technological means, provided they comply with certain assumptions. The CMVM stated that, due to the COVID-19 pandemic, professional property appraisers must adhere to social distancing measures, while adopting "business continuity procedures." The appraisers must also advise the banks for whom they carry out assessments, the terms under which the evaluation will take place." Inspections, however, must follow specific guidelines, including obtaining the beneficiary's express agreement; the conditions of the inspection must be dictated to the person who will carry it out, and the inspection must be documented, and the report and documentation kept for at least two years. The new measures will remain valid for the period of the state of emergency and the following 15 days. Original Story: Economia Online / Lusa Translation/Summary: Richard D. Turner
Investment in Lisbon’s ARU Fell in 2019
1 April 2020 Real estate investment in Lisbon’s designated Urban Rehabilitation Area (ARU) fell by 12% in 2019. At the same time, the number of completed transactions also dropped by 18%, according to a report by Confidencial Imobiliário. Last year, real estate investment in Lisbon’s ARU totalled 5.2 billion euros, including approximately 10,720 transactions. The average transaction last year was valued at about 478,400 euros, compared to €455,600 in 2008, an increase of 7%. A large part of the investments went to four parishes, including Santo António (595 million euros), Santa Maria Maior (€553 million), Avenidas Novas (€551 million) and Misericórdia (€532 million). Those parishes accounted for more than 40% of the total investment. Original Story: Economia Online / Lusa Translation/Summary: Richard D. Turner