Avantespacia Expands in Catalonia

30 September 2019 – The developer Avantespacia is finalising the acquisition of two plots of land in Catalonia, enough to build more than one hundred homes. The firm, which is controlled by Manuel Jové’s holding company, Inveravante, began operations in the province this year when it acquired another plot of land on Calle Roger de Flor, in Granollers, to building a 48-flat apartment building. The company is simultaneously finalising the acquisition of a new plot of land in the city to develop another fifty homes.

The company hails from Andalusia, where it has developments in Estepona, Fuengirola, Teatinos, Málaga and the San Roque Golf Club.

In August, the company began sales of a 128-home development in Pamplona, where it plans to begin construction in October. Avantespacia is planning on launching five new developments in Zaragoza, Vigo, the Canary Islands and Oviedo before the end of the year.

The company currently has 925 homes on sale and expects to deliver 260 units by year-end, with a turnover of 110 million euros.

Original Story: Eje Prime – Marta Casado Pla

Adaptation/Translation: Richard D. K. Turner

Requests for Building Licenses for New Developments Fall by 72% in Barcelona

6 August 2019

After the regulation requiring new developers to reserve 30% of the flats in new developments above the size of 600 square meters for subsidised housing, the number of applications for building licenses for those projects fell by 72% year-on-year in Barcelona, from 234 to just 64.

When the government announced plans for the new measure, the Catalonian Association of Developers recommended that its members bring forward the submission of any potentially affected projects, likely aggravating the fall.

Original Story: Idealista

Photo: Unsplash

Adaptation/Translation: Richard D. K. Turner

JLL: Foreign Investment in Catalan Real Estate Rose by 137% in 2018

15 June 2019 – La Vanguardia

According to data published by the real estate consultancy JLL, overseas investment in the Catalan real estate sector rose by 137% during 2018, despite the fact that total investment fell from €1.13 billion in 2017 to €995 million in 2018.

In fact, domestic investment plummeted by 85% to €363 million from €859 million, but almost all of that decrease was offset by the arrival of funds from overseas. Of those, investment funds deposited 57% YoY more in 2018 (€574 million) and Socimis invested 47% YoY more (€326 million).

Having overcome the political uncertainty seen in 2017, international investors showed their commitment to Cataluña in general and Barcelona in particular, not least because the city has been declared as one of the world’s influencer cities by JLL.

In the business context, the city is particularly attractive for investment in the office, logistics and commercial sectors, ranking in first place in all 3 markets when compared with its European counterparts.

Specifically, the Catalan capital’s offices generate yields of 3.75%, whereby outperforming Milan (3.6%), London, Madrid and Stockholm (all 3.5%). Its logistics assets generate returns of 5.10%, compared with 5% in Madrid, and its shops in central locations generated yields of 3.25% in Q1 2019, compared with Madrid (3.15%) and Paris (2.75%).

All of this is welcome news for the region that has been hit hard by the political uncertainty of recent years.

Original story: La Vanguardia (by Pilar Blázquez)

Translation/Summary: Carmel Drake

La Generalitat Approves a Law to Limit Rental Prices in Cataluña

21 May 2019 – Eje Prime

The executive led by Quim Torra has approved a royal decree to limit residential rental prices in Cataluña so that they will not exceed 10% of the reference index in neighbourhoods and cities with an “accredited lack of affordable housing”.

That percentage increases to 20% in the case of new or completely refurbished homes for the five years following the building work. Meanwhile, for flats with exceptional views, swimming pools or gardens, the percentage may rise to 25%.

The decree considers areas with a “tense housing market” to be those municipalities where the provision of affordable rental housing is at risk. In particular, it makes reference to towns where rental prices have grown sustainably by more than average and where the increase in the demographic density is not being matched by the growth in the housing stock, amongst other factors.

Original story: Eje Prime

Translation/Summary: Carmel Drake

SmartFit Buys 2 ‘Perfect Fit’ Clubs in Cataluña

23 April 2019 – Palco 23

SmartFit has completed the purchase of two Perfect Fit clubs in Girona and Terrassa (Barcelona), according to market reports. As part of the deal, the company has also taken over the management of a third centre in Mollet del Vallés, with the option to purchase that asset before the end of 2019.

The financial terms of the transaction have not been revealed but SmartFit is expected to invest around €1 million over the next year and a half in adapting the spaces and modernising some of the equipment. Its aim is to increase the membership base of each club by 40% from the current level of 6,000.

This is not the first time that the company has resorted to growth through acquisition after it purchased a gym in Cádiz in 2016 and another in Rivas (Madrid) last year. Nevertheless, it is SmartFit’s first foray into Cataluña, having previously focused its growth on the Community of Madrid and Andalucía.

The company closed 2018 with revenues of €3.5 million, up by 20.6% YoY.

Original story: Palco 23 (by Patricia López)

Translation/Summary: Carmel Drake

CBRE: Logistics Leasing Rose by 100% in Valencia but Fell by 67% in Madrid in Q1 2019

15 April 2019 – Eje Prime

According to a report published by CBRE, logistics leasing amounted to 464,000 m2 during the first quarter of 2019, distributed primarily across the centre of Spain, Cataluña, Valencia, Zaragoza, Sevilla and Bilbao.

In the central region, 73,700 m2 of space was leased, down by 67% with respect to Q1 2018; and in Cataluña, 215,700 m2 was leased, up by 18% YoY. Meanwhile, in Valencia, 160,000 m2 of space was leased, twice as much as during the same period in 2018. Logistics leasing in Sevilla, Zaragoza and Bilbao amounted to 9,500 m2, 3,600 m2 and 1,500 m2, respectively.

In addition, €191 million was invested in the logistics sector during the first quarter of 2019, with the logistics company Columbus and the property developer Pulsar accounting for 60% of that total.

Original story: Eje Prime

Translation/Summary: Carmel Drake

ST: House Prices Rose by 9% in Madrid & 7.8% in Cataluña in 2018

7 April 2019 – Público

According to the “House Market Study in the Community of Madrid and Cataluña” report published by Sociedad de Tasación, house prices rose by 9% in Madrid and by 7.8% in Cataluña in 2018.

Specifically, Madrid recorded the second highest increase in house prices of all the autonomous regions in 2018, with the average price reaching €2,389/m2.

Meanwhile, Cataluña, which registered the third highest rise in house prices, saw its average price increase to €2,297/m2.

The average increase for the country as a whole was 5.5%, with the highest average price rise observed in the Balearic Islands.

Original story: Público 

Translation/Summary: Carmel Drake

Titan Acquires the Nova Center Leisure Complex in Cataluña

25 March 2019 – Eje Prime

The property developer Titan has purchased the Nova Center leisure complex in Vilanova y la Geltrú, Cataluña. The asset is currently under construction and will have a surface area of 23,000 m2. It is due to open at the end of this year.

Titan is an investment vehicle in the property market dedicated to the development, acquisition and repositioning of real estate assets. The company is planning to convert itself into a Socimi and focus on the tertiary sector.

Original story: Eje Prime

Translation/Summary: Carmel Drake

Average Rental Prices Rose by 6% in Barcelona in 2018 to €930/Month

19 March 2019 – Eje Prime

The average rental price in Barcelona amounted to €929.57 per month in 2018, up by 6% compared to the previous year, according to data from the Property Developers’ Association of Cataluña. In total, 53,524 rental contracts were signed in the Catalan capital last year.

By district, Sarrià Sant Gervasi recorded the highest average price, of €1,269 per month, ahead of Les Cortes and El Eixample (€1,090 and €1,038 per month, respectively). The lowest prices were recorded in Nou Barris and Horta Guinardó, where average rents amounted to €675 and €764 per month, respectively.

Average rental prices also increased in the other three Catalan capitals in 2018. Girona recorded an average price of €598/month, up by 6.5% YoY; Tarragona of €514/month, up by 7.8% YoY; and Lleida of €432/month, up by 6.2% YoY.

The Catalan municipalities with the highest average rental prices in 2018 were Sant Vicenç de Montalt, Cabrils and Sant Cugat del Vallès, with average prices of €1,251, €1,178 and €1,149 per month, respectively.

In total, 167,458 rental contracts were signed in the autonomous region, up by 7% YoY, and the average rental price amounted to €692/month.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

CBRE: Real Estate Investment in Cataluña Amounted to €2.25bn in 2018

4 March 2019 – Finanzas

Investment in the Catalan real estate sector registered a new record of €2.25 billion in 2018, up by 3.3% compared to 2017, boosted by the office sector, according to data from CBRE.

In fact, offices accounted for 42% (€947 million) of the region’s total investment volume in 2018, up by 25% YoY, as 388,000 m2 of office space was leased. It was followed by the hotel sector, where €422 million was invested, despite a YoY reduction of 39%.

The logistics, retail and residential sectors accounted for the rest of the investment figure, amounting to €289 million, €252 million and €113 million, respectively.

59% of Cataluña’s real estate investment came from overseas, in line with previous years, primarily from the USA (40%), UK (17%), the Middle East-Asia Pacific (16%) and France (14%).

Star operations included Blackstone’s purchase of Edificio Planeta for more than €200 million; Tritax Big Box’s acquisition of the VGP Park Mango for €150 million; and the purchase of the NH Collection Gran Hotel Calderón for €96.9 million.

Original story: Finanzas

Summary/Translation: Carmel Drake