11 January 2015 – Expansión
According to the consultancy BNP Paribas Real Estate, investment in real estate assets amounted to €6,950 million in 2014, the second highest annual figure ever in Spain’s history.
The purchase of offices, hotels, commercial assets, warehouses and homes increased by 85% last year, building on the rise of 110% recorded in 2013. The figure recorded in 2014 has only been surpassed once, in 2007, when €9,000 million was invested.
By asset type, shops and above all, shopping centres, led the purchases closed in 2014 with transactions amounting to €2,367 million, i.e. 46% more than in 2013. Investment in offices exceeded €2,230 million and increased by 247%, compared with an increase of 89% in hotel acquisitions.
The types of property that best represent the reactivation of the Spanish market are warehouses and logistics platforms; investment in those assets grew by more than 406% during the year, according to BNP Paribas.
According to the consultancy, these very positive figures are set to continue in 2015. “This year will witness the closing of new transactions in the office and logistics segments. Transactions involving shopping centres will be more scarce than in 2014”, explains the consultancy.
By buyer type, the experts at BNP Paribas believe that, now that the Socimis have invested around €2,000 million in the real estate sector, this year acquisitions will be made by investors looking for “more consolidated assets, at higher prices, with a view to holding the properties for five years or more, that have no intention of selling them in the short term”, explains Francisco Machón, Investment Director at BNP Paribas Real Estate.
Original story: Expansión (by R. Ruiz)
Translation: Carmel Drake