Neinor Homes Buys 4 Plots Of Land In Boadilla Del Monte

6 October 2016 – Real Estate Press

Neinor has purchased four plots of land in Boadilla del Monte, which have a combined buildable surface area of 15,000 sqm. The real estate company is going to construct 110 family homes on the plots.

The property developer has acquired the plots for €12 million and the homes will be aimed at clients with high purchasing power.

True to its vocation of being the largest residential property developer in Spain, Neinor Homes has been buying up buildable land in recent months in Madrid, Cataluña, País Vasco and Andalucía, where it plans to construct more than 800 homes. Neinor Homes avoids urban planning risk by always buying land for which planning permission has already been granted.

The development in Boadilla del Monte will go on the market for an estimated price of €3,000/sqm.

Original story: Real Estate Press

Translation: Carmel Drake

Carrillo Buys Vorsevi’s Former HQ In Sevilla For €3.6M

30 September 2016 – Real Estate Press

Vorsevi invested more than €12 million in the construction of one of the most sophisticated corporate headquarters on the former site of Expo 92, however, the company’s entry into liquidation has forced the sale of that property for €3.6 million.

The property, located on Calle Leonardo Da Vinci, has a surface area of more than 7,000 sqm spread over five floors, as well as two basements measuring 2,000 sqm, one of which has been fitted out as a car park for 70 vehicles.

The law firm Adalte Abogados has finally managed to sell Vorsevi’s former headquarters to the Cordobés businessman Antonio Carrillo, the telecommunications operator through the company PTV Telecom.

Carrillo made an initial offer for €3.6 million, an amount that no other serious contender had been able to exceed. This meant that the price per square metre amounted to just €515, bringing the value of Vorsevi’s headquarters below even its replacement cost.

Although several investors have analysed this operation, the fact is that the current competition from the Torre Sevilla skyscraper is too strong to risk backing a single building, and as such, it has become clear that, even today, real estate values in la Cartuja remain a historical lows.

Original story: Real Estate Press

Translation: Carmel Drake

Petrus Builds More Luxury Homes In Madrid & Barcelona

26 September 2016 – Expansión

The adventures of the property developer Petrus in Colombia are bearing fruit. In 2013, faced with the slow recovery of the Spanish real estate market, the Rabassa family decided to expands its borders and try its luck on the other side of the pond. It landed in Barranquilla (Colombia), a country that did not promise the best growth prospects, but did offer the best guarantees in terms of business security, thanks to obligations such as a fiduciary for the duration of the construction work.

Following the success of the first development, containing 64 homes, Petrus has now started to construct a second building in the city, containing 56 homes and is already making plans for a third residential block, which will house another 64 flats. The total investment in these three projects will amount to €22 million.

Petrus, founded by Luis Rabassa in 1964, is currently owned by three members of the third generation: Luis and Sergio Rabassa, and their cousin, Bruno Rabassa. Last year, the company recorded revenues of €25.4 million and this year it expects that figure to grow by 6.6% to €27.1 million.

Meanwhile, in Spain, the property developer is continuing to start new projects, although “we are studying the behaviour of consumers and the market very closely”, said Luis Rabassa.

In Madrid, Petrus has started to build a 22-home development in the neighbourhood of Salamanca, which will be sold for €5,500/sqm. In Barcelona, it is also constructing an 18-home development in L’Hospitalet de Llobregat.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake

Ministry Of Development: House Prices Rose By 2% In Q2

16 September 2016 – El Mundo

The average price of unsubsidised homes amounted to €1,506.4 /sqm in the second quarter of 2016, which represents a positive variation of 2% with respect to a year ago and 0.9% compared with the first quarter of the year, according to the Ministry of Development.

This upward variation represents the fifth consecutive quarter of nominal price rises following 26 quarters of YoY decreases in house prices, which began at the end of 2008.

According to the historical series, the average value per square metre in Q2 2016 was 28.3% lower than the maximum level reached during Q1 2008. On the other hand, prices have recovered by 3.5% compared with their minimum values, reached during Q3 2014.

Second-hand house prices rise by more than new house prices

By house age, the average price per square metre of an unsubsidised home aged less than five years old, i.e. the newest properties, amounted to €1,746.8/sqm in Q2 2016. That represents a YoY increase of 0.8%. In terms of properties that are more than five years old, in other words, second-hand homes, the price amounted to €1,500.2/sqm, up by 2.2%.

The Balearic Islands (5.9%) and Navarra (-2.2%) – poles apart

By autonomous community, the Ministry of Development reported that 10 regions registered YoY increases, led by the Balearic Islands (5.9%), Madrid (4.8%), Cataluña (4.6%), the Canary Islands (2.9%), Extremadura (2.4%), Ceuta and Melilla (2.3%) and Galicia (1.4%).

By contrast, the other regions recorded decreases, led by Navarra (-2.2%), Aragón (-1.9%), País Vasco (-1.7%) and Cantabria (-1.3%).

By municipalities with more than 25,000 inhabitants, the highest house prices (for unsubsidised properties) were recorded in San Sebastián (€3,131.1/sqm), Ibiza (€2,689.8/sqm), Barcelona (€2,656.5/sqm), Getxo (€2,645.3/sqm), Madrid (€2,591.7/sqm), Sant Cugat del Vallès (€2,539.7/sqm) and Pozuelo de Alarcón (€2,538.8/sqm).

The lowest prices in municipalities with more than 25,000 inhabitants were recorded in Elda (€508.0/sqm), Jumilla (€563.6/sqm), Villarrobledo (€569.2/sqm), Ontinyent (€569.4/sqm), Novelda (€574.5/sqm) and Villena (€586.9/sqm).

The average price of social housing amounted to €1,107.8/sqm in Q2 2016, down by 0.4% compared to Q1 2016 and up by 1.2% compared to the same period in 2015.

Original story: El Mundo

Translation: Carmel Drake