Approval Granted for Socimi Arrienda Rental’s Debut on the MAB

21 December 2018 – La Vanguardia

The Coordination and Incorporations Committee of the Alternative Investment Market (MAB) has issued a favourable report ahead of the stock market debut of Arrienda Rental Properties Socimi, with a reference value of €2.74 per share, after the company was valued at €56.4 million.

The MAB has reported that the stock trading code for Arrienda Rental will be YARP and that it will be governed by the fixing system, with prices being fixed twice in each session, at 12 noon and 16h.

Arrienda Rental is a real estate company that has adopted the Socimi framework and which is dedicated to the acquisition and development of urban properties for their rental.

The Socimi owns 239 assets, all of which are located in the Community of Madrid: 2 hotels (Clement Barajas and Täch), 3 plots of land, 4 offices, 18 retail premises, 40 homes and 172 garages.

Before its stock market debut, the Socimi had 51 shareholders, including Francisco García Rubio, who owns 21% of the capital.

Arrienda Rental has 4 managing directors who are also owners, namely: José García Sánchez, Luis Miguel Gutiérrez Abella, Víctor García Rodríguez and Juan Francisco García Muñoz.

Arrienda’s valuation has been performed by the appraisal company Gesvalt.

Original story: La Vanguardia

Translation: Carmel Drake

INE: House Sales Rose By 17.3% YoY In Nov 2016

16 January 2017 – El Economista

House sales rose by 17.3% in November 2016 compared to the same month in 2015, to reach 33,806 operations, according to data published on Thursday by Spain’s National Institute for Statistics (INE).

This increase, which represents the tenth month of consecutive YoY increases, exceeds the rise recorded in October 2016, when those operations rose by 6.5% YoY.

Transactions involving second-hand homes rose by 19.8% with respect to November 2015, to reach 27,996 operations, whilst sales of new homes rose by 6.8% YoY to reach 5,810 transactions.

90.3% of the homes sold during the eleventh month of the year were unsubsidised and 9.7% were protected (unsubsidised). Sales of unsubsidised homes rose by 17.4% YoY in November, to reach 30,514 transactions, meanwhile operations involving protected (subsidised) homes increased by 16.5% to 3,292 transactions.

During the first eleven months of 2016, house sales recorded a cumulative increase of 14.2% compared with the same period in 2015, thanks to an increase of 18.5% in terms of second-hand house sales, whereas new build house sales declined by 1.4%.

In monthly terms (November 2016 compared with October 2015), house sales rose by 15.1%, their highest MoM increase in more than five years.

Andalucía leads the house sales ranking

In November 2016, the highest number of house sales per 100,000 inhabitants was recorded in the Balearic Islands (138), the Community of Valencia (133) and Andalucía and the Canary Islands (99 in both cases).

Andalucía was the region that saw the most absolute house sales during the eleventh month of the year, with 6,541 sales, followed by Cataluña (5,476), the Community of Valencia (5,216) and Madrid (4,563).

The autonomous regions that saw the lowest absolute number of house sales were La Rioja (233), Navarra (363) and Cantabria (440).

In relative terms, the regions that saw the highest YoY variations in the number of house sales were the Balearic Islands (+32.8%), the Canary Islands (+26.3%) and Aragón (+25.8%). YoY increases were recorded in every single autonomous region.

Increase in the total number of properties sold

If we look at rural and urban (homes plus other properties of an urban nature) properties, then property sales in November amounted to 143,470 in total, up by 6.8% compared to the same month in 2015, to reach the highest absolute figure since June. (…).

In November 2016, the highest number of property sales registered per 100,000 inhabitants was recorded in Aragón (628), Castilla y León (604) and La Rioja (577).

Original story: El Economista

Translation: Carmel Drake

INE: Primary Residence Mortgage Foreclosures Fall By 12.4%

4 December 2015 – ABC

During Q3 2015, 5,959 primary residence mortgages were foreclosed, which represents a decrease of 12.4% compared with the same period in 2014, according to the mortgage foreclosure statistics published on Thursday by the National Institute of Statistics (INE). In inter-quarterly terms (the third quarter compared with the second quarter), mortgage foreclosures involving primary residences decreased by 31.3%.

The primary objective of this statistic is to provide information about the number of mortgage foreclosures initiated and registered in the Property Registers during the quarter in question. INE points out that not all mortgage foreclosure procedures that are launched end with the eviction of tenants. During the third quarter, 19,403 mortgage foreclosures were launched, 17.8% fewer than during the same period in 2014 and 32.9% fewer than during the second quarter. Of those, 18,344 related to urban properties (including homes) and 1,058 related to rural properties.

The number of mortgage foreclosures over urban properties decreased by 18.5% with respect to Q3 2014 and by 33.2% with respect to the previous quarter. Of the urban properties, 11,584 foreclosures related to homes, i.e. 59.7% of the total, and this figure represented a decrease of 15.6% compared to the same period in 2014. In terms of homes, mortgage foreclosures over homes owned by individuals amounted to 7,590 during the third quarter (down by -13.8% YoY), of which 5,959 were the primary residences of those individuals, whilst 1,631 were not the owners’ primary residences. The number in the latter category decreased by 18.4% with respect to the third quarter 2014.

Meanwhile, there were 3,995 mortgage foreclosures over homes owned by legal entities during the third quarter, a decrease of 18.9% with respect to the same period last year. According to INE, mortgage foreclosure procedures were initiated for just 0.03% of the total stock of family homes in Spain (18,378,100) between July and September 2015.

Decreasing trend for new builds and second-hand housing

Of the total number of mortgage foreclosures recorded involving homes during the third quarter, 9,971 related to second-hand homes, which represented a YoY decrease of 13.3%. Foreclosures over new homes amounted to 1,613, i.e. 27.8% fewer than during the same quarter in 2014. The statistics also reveal that, during the third quarter, 20.3% of the home mortgage foreclosures launched related to mortgages constituted in 2007; 17.2% related to mortgages granted in 2006; and 11.3% corresponded to mortgages signed in 2008. Put another way, 59.8% of the mortgage foreclosures initiated during the third quarter related to mortgages constituted between 2005 and 2008.

Between July and September, mortgage foreclosures over land amounted to 615, representing a YoY decrease of 55.9% and a QoQ decline of 49.5%. Meanwhile, mortgage foreclosures relating to commercial premises, garages, offices, storerooms, warehouses and other urban buildings amounted to 6,145, i.e. 16.8% fewer than during the third quarter last year and 31.9% fewer than during the previous quarter. Finally, there were 1,059 mortgage foreclosures involving rural properties during the third quarter, which represented a YoY decrease of 3.7% and a QoQ drop of 27.2%.

Andalucía leads the ranking

By autonomous region, Andalucía led the number of foreclosures involving homes during the third quarter, with 2,984 in total, followed by Valencia (2,339) and Cataluña (2,022). At the opposite end of the spectrum were Navarra and País Vasco, with just 63 foreclosures each. In terms of the number of foreclosed properties, Andalucía also led the ranking, with 5,019, followed by Valencia (3,718) and Cataluña (3,207). At the tail end were Navarra (99) and La Rioja and Cantabria (112).

Original story: ABC

Translation: Carmel Drake