he main Spanish property news last week involved Spain’s high street banks. The banks are finding it harder to offload their property assets and, with prices hitting a low point, the returns are smaller than ever.
According to a recent report published by Deloitte, investment in non-residential property in Spain reached 2,896 million euros in 2013, representing an increase of 39% over the previous year. The firm cites the improved perception of the country’s risk and the reopening of the credit market as motivation for the upturn.
The property market in Barcelona is changing fast as foreign investors take advantage of bottom-of-the-market prices to go bargain-hunting for second homes and rental investments.
AXA Real Estate, Europe's largest property fund manager, has bought its first office blocks in Spain since the start of the financial crisis, tempted by the relatively high yields on offer despite fears of a euro zone break-up receding.
AXA Real Estate, which has 45 billion euros under management, has agreed to buy 13 office buildings in Barcelona let to the regional government for 172 million euros, it said on Tuesday.
Following years of prosperity in the CEE region, during which hundreds of thousands of square metres of office space have been leased free of commission, the International Office Search Portal Network has now extended to Spain.
The first half of 2013 brought encouraging signs of improved confidence in Spain’s commercial property market. There was a sharp rise in the take-up of Madrid office space and a significant increase in the number of investors actively seeking opportunities across Spain.
