INE: Foreign Visitors to Spain Rose by 6% in Q1

4 May 2018 – Eje Prime

Tourism in Spain is on a roll. During the first quarter of 2018, 13.7 million overseas visitors came to Spain, up by 6% compared to the same period in the previous year, according to data from the Statistics of Tourist Movements across Borders (Frontur), compiled by Spain’s National Institute of Statistics (INE).

By country of origin, the British were once again the most prevalent tourists in the country between January and March, with 2.9 million visitors of that nationality. They were followed by German visitors, with 1.9 million people. The number of French tourists, the third most frequent visitor group, amounted to 1.7 million people.

The Canary Islands accounted for most of the international tourist visitors to Spain during the first three months of the year, with more than 3.7 million visitors, becoming the autonomous region of choice. Meanwhile, 3.1 million foreigners arrived in Cataluña, and Andalucía was the region that completed the Top 3 most visited during the period, with 1.9 million tourists.

In March alone, the arrival of overseas visitors to the country gained momentum with an increase of 9.6% with respect to the same month last year, to 5.4 million people. This increase contrasts with the rises recorded in January and February, which amounted to 5.2% and 2.6%, respectively.

Original story: Eje Prime

Translation: Carmel Drake

CaixaBank: Consequences Of Brexit For Spain’s RE Sector

11 September 2017 – CaixaBank Research

The real estate sector has started a new bullish cycle, as evidenced by the evolution of house purchases, which have been growing at double-digit figures for two years now. Whilst internal demand has been boosted by the recovery in employment and favourable financing conditions, overseas demand has been by no means negligible: in Q1 2017, it grew by 14% YoY.

Nevertheless, this positive movement in terms of demand from overseas buyers is masking various different trends. On the one hand, most of the purchases are happening on the Mediterranean Coast and in the islands, with foreigners accounting for more than 30% of total purchases in some provinces.

On the other hand, the evolution of these house purchases varies significantly by nationality. In this sense, the uncertainty surrounding Brexit and the depreciation of the pound are leaving their mark on the acquisition of homes by citizens from the United Kingdom, the main cohort of foreign homebuyers in Spain. In Q1 2017, purchases undertaken by British citizens decreased by 13% YoY. Nevertheless, that decrease was more than offset by the uptick in purchases made by French, German, Belgian and Swedish citizens who increased their purchases at rates equal to or more than 20% YoY in Q1 2017.

The different trends observed between international buyers have generated changes in the relative weight of each country in terms of house purchases, at the same time as reducing the degree of concentration amongst certain nationalities. Although the United Kingdom continues to head up the list of overseas buyers, purchases by that cohort have gone from accounting for 21% of the total in 2015 to 15% in Q1 2017.

Looking ahead, house purchases by British citizens may regain some of their buoyancy if the Brexit negotiations evolve favourably and the pound manages to recover some of its strength. Nevertheless, periods of significant uncertainty surrounding Brexit, or a hard Brexit, could tarnish the recovery, given that house purchases by British citizens have historically been very sensitive to economic conditions in their own country. On a more positive note, the good economic outlook for the other main home-buying countries in Spain, together with the continuation of accommodative monetary conditions and the decrease in the political uncertainty in the Eurozone countries, represent an opportunity for the Spanish real estate sector.

On a more positive note, the good economic outlook for the other main overseas buyers of homes in Spain, together with the continuation of loose monetary conditions and the decrease in the political uncertainty in the Eurozone countries, represent an opportunity for the Spanish real estate sector.

Original story: CaixaBank Research

Translation: Carmel Drake

Inbisa To Renovate Alta Diagonal Building In Barcelona

28 July 2016 – Mis Oficinas

Inbisa, through its construction company BYCO, has been awarded the tender to renovate the urbanisation of the Alta Diagonal building, located on Avenida Diagonal in Barcelona. This office complex belongs to Deka Immobilien, a German investment fund, whose history spans more than 40 years, specialising in real estate assets, managing 293 properties in 23 countries.

This renovation, which will be performed on a surface area covering 2,000 sqm, completes a series of improvements and refurbishments that Deka Immobilien has performed on the building and its surrounding area, with the aim of strengthening its position in the prime office market in Barcelona. To that end, it is going to renovate the quality of the materials in the property, to bring the urbanisation into line with the rest of the complex.

“The construction work is going to be carried out within a short timeframe of 2 months, taking advantage of a quiet period for the property. The work will cover a surface area of 2,000 sqm, whereby completing the renovation work already carried out at the entrances and on the façade, as well as in the private and public urbanisation to the rear, in Avenida Sarrià”, said the Heads of Inbisa.

Original story: Mis Oficinas

Translation: Carmel Drake