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residential Market News: Spanish Real Estate Intelligence

Tomás Olivo Acquires Land in Marbella, Málaga and Huelva in Deals Totalling €68 Million
16 August 2019 Tomás Olivo, through his socimi General de Galerías Comerciales, has acquired a series of urban plots of land in the provinces of Malaga and Huelva worth 68 million euros.  In the first semester of this year, the Spanish socimi, 99.5% owned by Tomás Olivo, has made equity-financed acquisitions totalling 140 million euros. The firm acquired two million square meters for 25.7 million euros plus VAT just in Marbella. In Rincon de la Victoria, also in the province of Malaga, the investor acquired several plots of land, for a total of €11.5 million. Last July, General de Galerías Comerciales also announced that had purchased another urban plot of land, where it will be able to build 1,200 new homes, for 9.8 million euros. The socimi also purchased 66.6% of the 83,839-square-meter plot of land known as La Azucarera, in Malaga, for 4 million euros plus VAT. The socimi had already owned the remaining 33.4%. In addition, Olivo’s socimi acquired 103,576 square meters of land with a buildable area of ​​65,000 square meters in Huelva, where it plans on building offices. The firm reportedly paid 17 million euros. Original Story: ABC de Sevilla - María Jesús Pereira Adaptation/Translation: Richard D. K. Turner
 
Eden Hazard Buys House in La Finca for €11 Million
16 August 2019 The Belgian midfielder who recently signed with Real Madrid, Eden Hazard, has acquired the singer Alejandro Sanz’s residence in the exclusive La Finca development in Pozuelo for 11 million euros. The property has 5,151 square meters, three living rooms and six bedrooms. Original Story: Diário de Pozuelo Photo: E. Ripoll Adaptation/Translation: Richard D. K. Turner
 
Home Sales Fall by 9% in June
 8 August 2019 The sale of homes in Spain fell by 9% y-o-y in June, as the INE registered a total of 40,961 transactions. The fall was the steepest since February 2014. The new home sales fell by 7.8% year-on-year, to 7,205 transactions (17.6% of the total), while existing home sales dropped by 9.2% to 33,756 transactions (82.4% of the total). Month-on-month, housing sales fell by 13.9%, according to Spain’s statistical agency, the INE. Some regions still saw significant growth, such as Castilla-La Mancha (+9.2%), Murcia (+7.2%) and Galicia (+4.5%), while steep falls were seen in the Canary Islands (-22.5%), the Balearic Islands (-17.4%) and Aragon (-13.9%). Market watchers point to a period of adaptation after the entry into force of the mortgage law, a less benign international economic environment and a generalised slowdown as the pace of growth moderates due to a maturing market. Original Story: Expansión - M. G. Mayo Adaptation/Translation: Richard D. K. Turner