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RE Investment in Barcelona to Cross €700 Mn & Double 2013 Volume

13/06/2014 – Finanzas

It is expected that this year´s property investment in Barcelona will exceed €700 million, over a double than the €303 volume registered in 2013, as Jones Lang LaSalle (JLL) said. In the first quarter of 2014 solely, the amount post €119 million.

At yesterday´s property forum by the advisory firm, director of equity markets at JLL Xavier Cotet pointed out that “those who are not present in the Spanish property market are not investing in real estate”.

“Barcelona witnesses record low levels in terms of product sales: cranes are halted, there is no construction, there is nothing”, Elena Torres responsible for office market sadly stated. Moreover, she told the majority of “supposedly sufficient” office spaces is unfortunately “obsolete”.

She also vowed for acceleration in financing, construction, developement and renovation for Barcelona offices, as she put it “to give impetus and rock the market”.

The advisory firm forecasts that the office segment, especially the logistics part, will struggle until recovery of the sector, in case of the logistics additionally fuelled by increase in electronics trading.

Besides, CEO of Magic Real Estate Ismael Clemente portends great success for Socimis (Spanish versions of REIT firms) in the nearest future as “a wave of assets” will be absorbed by them.

In turn, Miguel Pereda, CEO of Grupo Lar assured that “not all properties in Spain are low-cost, for example shopping malls are not at all”.

 

Original article: Finanzas (after EFE)

Translation: AURA REE