residential Market News: Spanish Real Estate Intelligence

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
Lisbon City Council Delay Rental Payments for 24,000 Families
30 March 2020 The Lisbon City Council has announced that it will postpone rental payments for all municipally-owned homes until June 30th, in response to the health crisis. The measure would cover a total of 24,000 families and would defer payments on approximately five million euros in rents. After June, families will be able to pay the deferred rents over 18 months, with no interest or penalties. Original Story: Economia Online / Lusa Translation/Summary: Richard D. Turner