All 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
Covid-19 Leads to Suspension of Payments on €39 Billion in Loans
29 June 2020 According to the Bank of Portugal’s latest Financial Stability Report, Portugal’s eight largest financial institutions have an overall exposure to loans with suspended payments, due to the coronavirus, of approximately 39 billion euros, including both public and private debt. The total exposure corresponds to about 22% of the total amount of loans to both companies and individuals. Instalments on roughly 29% of corporate loans have been suspended, while payments on about 17% of loans to individuals have been temporarily halted. Original Story: Dinheiro Vivo - Paulo Ribeiro Pinto Translation/Summary: Richard D. Turner