Madrid and Barcelona will experience the largest increases of prices of rental of offices of the
Specifically, the consultant expected that the price of office rentals will increase progressively an average of 6.2% each year in the capital, from an income of 25.5 €/ m2/month in the fourth quarter of 2014 to 34.5 €/ m2/month during the same period from 2019. Meanwhile, Barcelona will experience average annual prices of 5.3% growth, since their incomes will increase from 17.75 €/ m2/month at the end of 2014 to the 23 €/ m2/month at the end of 2019.
The slowness of the lowering of the price of the assets and, above all, the the sovereign debt crisis suffered by Spain in 2012, drove off to few foreign investors who were then interested in the Spanish brick. Before last summer, two operations broke a drought that made fear another blank year for the sector. Qatari Diar investment fund is office space for rent singapore did with the Vela Hotel in Barcelona for 200 million euros, while French insurer Axa was returning to Spain and acquired a package of 13 buildings of the catalan Government for $ 172 million. Before summer, there were a dozen funds looking at assets in Spain. On the way back, we identified more than 50 “, explains the Managing Director of Irea, Mikel Echavarren.
In fact, August it did not mean any break. Consultants specialized in the investment market were holiday with work in tow. The effort was reflected in three operations, to the surprise of the industry, in the residential market: two packages of social housing in the City Council and the community of Madrid and a portfolio of houses of the bad Bank. It took more than two years traveling to London, knocking on the door of banks and funds and showing them real estate portfolios. But the gap between what called for banking, the main owner of those assets and who were willing to pay these funds was still very wide, has an intermediary.
The landing of foreign investors had much to do with the provisions made by the Spanish banking sector following the decrees of the Government, they demanded to increase the coverage by exposure to the brick. A Fitch rating agency report says that during the first half of 2013 institutions sold dwellings which had been hoarding discounted an average of 71.5% over its appraised value of origin. This time, investors responded yes. The Bank of Spain collects a 28% rise in foreign investment, which between the months of September 2012 and 2013 was 6.288 billion. Spain has become”, sums up the general director of Aguirre Newman, Angel Serrano.
The disparity of data makes the Spanish statistics gibberish that makes it difficult to know exactly the extent of the collapse of the last six years. However, almost all series – the official and which produce appraiser – drawn since 1998 the shape of aIt starts to deflate between late 2007 and early 2008. The Ministry of development data indicate that prices grew 175,6% in the Decade of the boom then down 28.3% in six years to return to levels of 2003. Those of the National Institute of statistics (INE) indicate one greater adjustment of up to 37.2% in the second quarter of the year. In real terms, prices have even fallen half in Madrid, Catalonia and Aragon.