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October 27, 2016

Forecasts of development of Spain are very optimistic

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Forecasts of development of Spain are very optimistic

Construction companies and property developers in Spain no longer fear the future of the national economy. At least thus suggest the results of research carried out by the Evaluation Society ST during the National Congress of the Association of Promoters and Constructors of Spain (APCE), which took place on 5 and 6 October 2016 in Madrid. Almost 90% of respondents believe that the Spanish economy will grow as well as now or even more over the next 12 months and 7 out of 10 experts also noted that prices of residential property in Spain will rise above 2% in large cities.

To the question "How do you think Spain's economy will develop in the next 12 months?”, the response of experts of real estate market seems to be clear: 55% of respondents expect a positive development, and also, 34.1% believe that the situation will remain stable as minimum.

On the other hand, developers and Spanish construction companies expect to have a limited impact of the exit of the United Kingdom from the European Union (“Brexit”) on the Spanish property market, as well as in the tourism sector. Therefore, 57% of participants responded that this could have some uncertain impact and 19% believe that it will be even between "little", "very little" or "nothing." However, only 23% of visitors to the Congress believes that "Brexit" will have a significant impact on the Spanish real estate sector.

With regard to the financing of real estate operations in Spain, market participants in this case expect a positive evolution of the issuance of mortgage loans for the population. Specifically, 54.3% of respondents noted that the situation will improve, and 14.3% even think that the situation will be much better than today.

In addition, experts predict that the residential real estate sector in Spain, as of purchase and also of rent, will concentrate most of business opportunities over the next 12 months. 68.2% of participants identified houses and apartments in Spain as the type of property that offers the most opportunities for investment, followed by commercial premises and shopping centers with 14.7%.

With regard to the dynamics of housing prices in major cities of Spain in the coming months, almost 70% of the real estate market experts that prices will grow by more than 2%. This perception coincides with the data presented by the Evaluation Society ST in its quarterly "Report on Market Trends" published on October 3, 2016.

 And finally, about the question of the impact of technological innovation in the real estate market in Spain, 60% of respondents argued that this sector will be affected by significant changes and innovations in the near future.

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