15 November 2017 – El Economista
Neinor Homes is continuing to strengthen its presence in Valencia. The property developer has purchased a plot of land from Meridia Capital in the Quatre Carreres area of the city, for the construction of a residential development that will comprise 96 homes and several commercial premises.
The real estate consultancy BNP Paribas Real Estate has acted as the advisor to the operation. The asset, which has a surface area of 3,418 m2 and a buildable surface area of 15,027 m2, is located on Carrer de Antoni Ferrandis, in an established urban environment, just a stone’s throw from the ‘Ciudad de las Artes y las Ciencias’, the ‘Ciudad de la Justicia’ and the El Saler shopping centre. Moreover, it is well connected by road, is served by several bus routes and, in the future, will have a stop on line 2 of the tram.
Rafael Paz Martínez, Head of Capital Markets at BNP Paribas Real Estate in Valencia, explains that “this operation highlights the renewed appetite that investors have for Valencia as one of the most interesting markets given the shortage of developable land, after several years when property development activity has been paralysed, and the supply of new developments has been very limited”.
Over the last 12 months, there has been a clear reactivation of property developer activity and several new residential projects have been started in the city. For this reason, Neinor is backing the market with a vengeance. The strong performance of demand is translating into a good rate of sales for the majority of projects and currently, the average sales period for developments stands at 13 months. Similarly, slight increases in house prices are started to be noticed and, therefore, so too in the price of residential land, explain sources at BNP Paribas Real Estate.
Original story: El Economista
Translation: Carmel Drake