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residential Market News: Spanish Real Estate Intelligence

Ores SIGI Begins Trading at €4/share
29 June 2020 Ores, the first company to incorporate under Portugal's new REIT/Socimi-inspired regulatory structure, called SIGIs, began trading last week at an initial price of four euros/share. The firm sold 12.55 million shares to reach a market capitalisation of 50.2 million euros. Olimpo Real Estate Portugal (or Ores Portugal) is a joint-venture between Bankinter and Sonae Sierra, which manages the company's real estate portfolio. The SIGI regime requires firms to go public within one year of their incorporation. Ores is currently 12% owned by Bankinter and 5.14% by Sonae Sierra, with an 83% free-float on Lisbon’s Euronext. The company's plans to build up a portfolio of over 200 million euros. Original Story: Economia Online - Leonor Mateus Ferreira Translation/Summary: Richard D. Turner  
 
Housing Prices Up 10.3% in the First Quarter of 2020
29 June 2020 According to the latest Housing Price Index, which is compiled by Portugal’s National Statistics Agency (INE), housing prices in the country as a whole rose by 10.3% year-on-year in the first quarter of 2020. The index shows that the average price of already existing homes rose faster than that of new dwellings, rising by 10.6% and 8.9% y-o-y, respectively. More than 43,500 (+0.7%) homes, totalling €6.8 billion (+10.4%), were bought and sold in the first three months of the year. Of the total, €5.4 billion corresponded to the same of existing homes, while the remainder were for newly built homes. In March, however, the number of transactions and their total value fell by 14.1% and 3.3%, respectively, in comparison with the same month last year. Original Story: Vida Imobiliária - Ana Tavares Translation/Summary: Richard D. Turner
 
Pandemic Hits Housing Sales Across Portugal
25 June 2020 Housing sales and new rentals have fallen sharply amid the Covid-19 pandemic, according to the latest data from the National Statistics Institute (INE). Perhaps unsurprisingly, the number of home sales decreased y-o-y in April in every region in Portugal. "In April 2020, 5.1 dwellings per 1,000 standard dwellings were sold," a decrease of 19% compared to the previous month and 17% compared to the same period in the previous year. "At the regional level, except for the Metropolitan Area of Lisbon (7.1) and the Algarve (6.7), all other regions had the number of sales per thousand dwellings below the national average, with the Centre standing out with the lowest number among the seven NUTS II regions in the country" (3.8 dwellings/1,000 dwellings). During the same month, housing sales fell across the board in those same seven regions compared to the same month last year. In particular, the Algarve (-24.3%) and the Autonomous Region of Madeira (-20.5%) were severely impacted. Original Story: JN.pt - Paulo Ribeiro Pinto Translation/Summary: Richard D. Turner