Only 12 months ago, institutional investors and international property developers were not even considering Spain as an option, but now it is a star attraction , according to the latest annual report from PriceWaterhouseCoopers (PwC) and the Urban Land Institute (ULI) "Emerging Trends In Real Estate 2014". (Download the report here)
The turnaround in sentiment started mid 2013 once Sareb, Spain's equivalent to the so-called bad bank opened for business, resulting in a rush of opportunistic investors looking to do business in Madrid and Barcelona. Some huge deals have followed, with large funds buying millions of euros of assets from banks that had struggled to offload assets. And by the autumn, Spain had transformed from property pariah to star market! And many of those investors believe that the revival will continue into 2014.
The turnaround in sentiment started mid 2013 once Sareb, Spain's equivalent to the so-called bad bank opened for business, resulting in a rush of opportunistic investors looking to do business in Madrid and Barcelona. Some huge deals have followed, with large funds buying millions of euros of assets from banks that had struggled to offload assets. And by the autumn, Spain had transformed from property pariah to star market! And many of those investors believe that the revival will continue into 2014.
Spain is still very much a medium term play (the taxes that holiday hoe buyers make a quick killing virtually impossible right now) but interest is high for quality property in good areas, and very cheap bank repo property in need of reforms. Most important, urgency is also returning with buyers telling us that they feel now is the time to buy.
Keep an eye on our website at www.ultimatehomes-spain.com for the latest and best offers.
