30/05/2014 – New York Times
Aside from the brief historical review on the way of the Spanish real estate market to the present popularity, from the article published recently in the New York Times Magazine we learn about the reasons and forecasts for the future activity on the once-rejected market explained by our CEO, Fernando Acuña at the recent interview with the author of the article, Jenny Anderson, at our office in Madrid.
Ms. Anderson recalls our head had said the number of investors coming in is beyond expectations as nowadays we observe a genuine frenzy about investing in the Spanish real estate. According to the journalist, not only small, start-up real estate advisory companies like ours are being stormed by eager buyers, but also mid- and global-investment banks.
The real jewels for them is the commercial real estate in Madrid and Barcelona whose pool is shrinking more and more, though. Therefore, the investors give up their 20% yield expectations and shift their interest to residential property.
Mr. Acuña admitted the shift goes in line with his future business strategy and after having gone through the boom and the recession, he´s preparing for the next property feast.
The journalist describes AURA REE´s birth as follows: “in 2006, Deutsche Bank hired him [Mr. Acuña] to build its mortgage business. When the market collapsed, he added the title of head of collections. In 2009, he started a business trying to sell repossessed houses for the banks and formed a database with 450,000 properties from banks and more than a million from private clients. When investors started calling and asked him for valuations of land, houses, buildings and portfolios, he started Aura to advise them and also to invest in the sector. Its website is in English because, he said, “all my clients are in Mayfair.””
Moreover, he believes the year 2014 will see an overhelming number of deals.
Read the entire article: Dealbook New York Times
Summary: AURA REE