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Neither pandemic nor Ukraine war. Property investment in Spain has seen an unstoppable start to the year. The result is the first half of the year with the highest investment in history: almost 10,000 million, according to data released this Wednesday by CBRE, the largest global real estate consultancy. That’s 80% more than the same period last year (ie almost twice as much) and almost 14% more than the first half of 2015, the best in history so far.

Investments of 9,870 million break down into 4,424.1 million in the first quarter and 5,445.5 million in the second quarter. Contributing to that figure are the $1,987 million from the operation through which BBVA bought back 662 stores from socimi Merlin Properties. In other words, more than a fifth of the total investment (exactly 20.1%) was dedicated to this transaction alone. That made them retail trade (the Anglicism used to describe commercial real estate in real estate jargon) will attract the most attention from investors: 2,918 million. A joy for a sector that has attracted money since the pandemic. As evidence, the dates for this first semester multiply by those of the same period of 2021.

Residential (which includes housing but also includes other types of residential buildings) was the second strongest sector with the greatest traction, after commercial real estate. It attracted 2,451 million in investments, up 71% from between January and June last year. More than half of this money was earmarked for real estate, the ultimate goal of which is apartment rentals. A fifth went to college dormitories and almost the same went to coliving (Buildings with shared services, similar to student residences but intended for a different audience, e.g. young foreign professionals).

The investment cake was completed with 1,650 million in the hotel sector, 1,175 million in the industrial and logistics sector (which is experiencing a major pull from the pandemic, but this time it has slowed down somewhat and is slightly below the annual figures) and 1,075 million in office buildings. CBRE also includes another 600 million in the so-called “alternative sector”, which includes buildings for health purposes and nursing homes, among other typologies.

For Miriam Goicoechea, Director of Research at CBRE Spain, “the figures show that the real estate sector in Spain remains attractive to investors, even in a changing macroeconomic context”. Although the second semester is usually more suitable for investing than the first (this has been the case for seven out of the last ten years), the expert warns in a statement to the media about “the existing volatility of the market”.

However, this volatility has not prevented a historic record in the advisor’s records, dating back to 2011. Real estate investment (ie the money allocated to real estate to generate a return) grew in Spain after the end of the Great Recession. This led to an unbeaten first half of 2015, which at the time was also marked by a major operation involving Merlin. Although back then as a buyer, since it was done for almost 1,800 million with Testa, a hereditary real estate company with thousands of apartments that years later would end up under the control of the Blackstone fund.

If the radar is also extended to the second half of the year, the period with which this year 2022 started remains in third place on the podium for real estate investments. It is slightly surpassed by the second half of 2018 (the year of all records, as total investments exceeded 20,000 million and more than 13,000 million were made between July and December) and also the second half (with 9,979 million investments). half of 2016.

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Source elpais.com

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