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November 29, 2016

The forecasts for the Spanish real estate market

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The forecasts for the Spanish real estate market

The improvement of the real estate sector in Spain continues its course and besides, it will be accompanied by an additional increase in the prices of the real estate in the next years. At least, it becomes clear according to the international consulting company Knight Frank, which has published its forecasts for the rest of the decade.

As explained by Humphrey White, the CEO of Knight Frank in Spain, the price of real estate assets in Spain will annually rise from 5% to 6%, at least during the next three years. This sustainable development, moreover, will be followed by the recovery of the national economy and by the demand for all types of real estate, whether to live or to work, i.e. houses and apartments, offices, commercial premises or industrial buildings.

"In recent years there has been registered a very low construction activity in Spain, therefore, currently the country lacks some assets of the high quality, and in some areas, but at the same time, there is a demand that is growing. So, Spain is experiencing a unique moment, as the country is a leader in economic growth in Europe today, and it also continues to offer opportunities to traditional sectors of the economy, such as construction or banking services. Moreover, the average duration in years of foreign companies is higher here than the European average, as Spain offers significant advantages for business and enterprises," said White.

The experts of international consultancy also admit that it is very difficult to talk about an uniform real estate market in Spain, as it is not the same to talk about the residential real estate market or about the commercial offices in Spain, or even compare the situation in a large city with one of a small town, but in general there is a constant growth that allows this sector to be attractive for foreign investors and for large international companies and funds.

According to the most recent reports of this consultancy, in addition, Barcelona and Madrid are situated among the 20 cities in the world where the biggest fortunes prefer to settle for living and making business. Besides, the capital of Spain became the seventh city in the world with the largest number of foreign investments in the real estate market, attracting more than 5,000 million euros this year, and therefore, it exceeded such cities as Berlin or Singapore.

"In Spain there exists an enormous potential to attract foreign companies and investments, as the country offers exactly what many of them are looking for: high-quality properties, proximity of the airports located near the centers of some cities (such as Adolfo Suárez-Barajas in Madrid and El Prat in Barcelona) and highly qualified professionals in the national real estate market," conclude the experts of this international consultancy.

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