NEARLY €10 billion has been invested in Spanish property in the first half of the year – a new record.
Real estate investment reached €9.87 billion, some 80% more than the same period of 2021.
According to the CBRE consultancy, the retail sector led the way with €2.9 billion invested, eight times higher than that recorded in the first half of last year. This was largely thanks to BBVA’s €1.987 billion purchase of more than 629 branches of Merlin Properties.
The residential sector was in second place with €2.451 billion, up 71%, with rental assets accounting for 60% of total investment in residential real estate, student residences for 19% and coliving another 18%.
The hotel sector was worth €1.65 billion, the best result in the first half of the year for five years.
Another €1.175 billion was accounted for by the industrial and logistics sector and the office sector is in fifth position with neatly €1.75 billion worth of transactions – a 27% increase.
“The investment volumes recorded in the first half of the year show that the real estate sector in Spain continues to be attractive to investors, even in a changing macroeconomic context. “However, the volatility in the market will lead us to closely monitor investment throughout the second half of the year,” said Miriam Goicoechea, Director of Research at CBRE Spain.
- ANALYSIS: Spain’s Costa Blanca now has a ‘tropical climate’ thanks to global warming as experts warn to expect ‘more…
- ANALYSIS: Are Brits really leaving Spain in droves because of Brexit?
- ANALYSIS: What does ex-Catalan leader Carles Puigdemont arrest mean for ‘peace talks’ in Catalunya?