Investment Market Update

Spain : investment remains low but with signs of recovery - Q2 2013

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Investment volume rebounded in the second quarter after a slow start to 2013. Total volume for Q2 2013 exceeded both the previous quarter and that of Q2 2012.

As the economic situation stabilises, the growing consensus that much of the Spanish property market has bottomed out is attracting more foreign investors and propelling investment toward the three main sectors of offices, retail and industrial assets which foreign investors appear to be more comfortable with.

The office market has been increasing as a portion of total investment volume for the last three years from 25% in 2011 to 43% in 2012 and 53% of the investment volume of the first two quarters of 2013.

Vendors remain predominantly Spanish which is in line with the long term trend. Major disposal and estate rationalisation programs on behalf of large Spanish entities are contributing to this trend.

Purchases by continental Europeans added to 36% of the total investment volume for the first half of 2013.

Prime office yields have edged slightly higher in Q2 2013, converging with those of the Barcelona office sector, which have remained flat for a sustained period of time. This is a further signal that perhaps the Barcelona office sector will begin its´ rebound earlier than that of Madrid however both markets continue to struggle with low investment volumes and over supply.

Source : DTZ (Groupe UGL)

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Mots-clés : DTZ