29 November 2016 – La Vanguardia
According to data published yesterday by the real estate consultancy CBRE, Spain was the sixth largest country in the European Union for real estate investment in the tertiary sector during the nine months to September, with investment amounting to €6,438 million.
In fact, Spain accounted for 4% of the total amount invested in real estate across Europe during the 9 months to September, which amounted to €163,095 million in total, down by 16% compared to the same period last year.
The hotel sector accounted for most of the investment in Spain during the first nine months of the year; the country was third in the ranking for hotel investment in Europe.
The retail or commercial sector also performed well. It grew in Spain with respect to last year allowing the country to position itself as the fourth largest destination for retail investment in Europe.
Although the volume of investment in the tertiary sector in Spain during the first nine months of this year was lower than the figure recorded last year, the Head of Research at CBRE Spain, Lola Martínez-Brioso, thinks that it is likely that the final figure for the year will be in line with the previous two years.
All of this, she adds, does not include the operations that Merlin has completed this year, with its purchase of Testa and its merger with Metrovacesa.
As a result, the Director of the firm maintains that this data is indicative of sustainable activity, which “distances us from another potential bubble”.
Of the 28 countries in the European Union, the United Kingdom leads the ranking in terms of real estate investment, with a total investment volume of €45,915 million during the first nine months of the year.
The UK is followed by Germany (€32,700 million) and France (15,793 million). Sweden and The Netherlands are ranked in fourth and fifth places, respectively.
Nevertheless, Sweden recorded the highest increase in investment volumes (31%) compared with the same period last year, followed by Denmark, up by 21%.
Original story: La Vanguardia
Translation: Carmel Drake