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Spanish real estate sector registers 2.463 bln euros of investments in Q1

Xinhua, April 21, 2015 Adjust font size:

Spain's real estate sector registered 2.463 billion euros of investments in the first quarter this year according to data published on Monday by Spain's economics newspaper Expansion.

International funds, Spanish and European companies and Real Estate Investment Trust (known as Socimi in Spain) invested 2.463 billion euros in the country's real estate market, threefold in comparison with a year earlier, Expansion said citing sources from C&W.

The figure surpassed investments registered in 2012 as a whole, when a total of 2.087 billion euros was invested. In 2013, investments reached around 3.1 billion euros while in 2014, they reached 8.5 billion euros, Expansion said, highlighting the important moment for the sector which is determined by several factors linked to the recovery of the economy.

Thanks to this recovery consumption is increasing and companies started hiring people which has an impact on commercial properties and offices. Also, prices slumped because of the crisis and nowadays the economy is growing and access to bank loans is improving.

There is a fight to obtain the best assets, Expansion explained, a fact that could lead to break the record high of investments reached in 2007, 12 billion euros, according to sources from C&W.

Some of the investments funds interested in Spanish assets are Blackstone, HIG, Apollo, Lone Star or Oaktree. Lone Star bought Kutxabank's real estate agency for 930 million euros and Blackstone bought 1,860 rented dwellings.

Experts had already argued that 2015 could be the year for Spain's real estate sector recovery as housing prices increased as well as housing sales in the beginning of the year. Endit