All Market News: Spanish Real Estate Intelligence

The asset is currently valued at €70 million, but it is believed that the price will drop due to the effect of the Covid-19 pandemic.

The Qualitas Group fund has acquired a rental housing project under development by the Ingescasa in El Cañaveral, in which it plans to invest some 17 million euros.

The Eneas Real Estate fund has acquired two 3,500-m2 buildings in the district of Salamanca, to convert them into short-term tourist lets and co-living apartments.

The project includes two 30-storey towers. A four-star hotel will be located in one, while the other will have 252 flats, which are already on sale.

The German fund manager Union Investment has acquired the On Plaza business park in Torrejón de Ardoz and a building in Brussels through its UII EuropeanM fund.

There were a total of 36,316 housing transactions in June 2020, a year-on-year drop of 20.9%, according to statistics published by Spain’s General Council of Notaries.

The NPL ratio could potentially rise to approximately 15% by the end of the year, leading to a total stock of NPLs (Non Performing Loans) of around €200 billion, similar to that of 2008.

The average price of housing on the Balearic and Canary Islands fell by 5.9% in July, leading to a cumulative drop of 8.2% since March. In parallel, the Mediterranean coast saw a drop of 2.4%.

The Canadian group, which is also considering a potential takeover bid for the socimi, is seeking to take advantage of the fact that Spanish real estate companies are currently trading at an average discount of approximately 50%.