HomeCoronavirus2020 Special:...

2020 Special: the Spanish Real Estate Sector in April

The impact of the coronavirus defined the real estate news during the month of April, although several commercial and logistics operations were also signed and new projects were announced in Madrid and Málaga.

Especial 2020 5 1024x833 2

The real estate news in Spain during the month of April was marked by the outbreak of the coronavirus and the State of Emergency decreed by the Spanish Government on 14 March. The impact of the pandemic on the Spanish economy and, specifically, on the real estate sector, dominated the headlines in April. Nevertheless, some operations were closed in the commercial and logistics sectors and new projects were announced in Madrid and Málaga.

Offices

The French fund manager Amundi Inmobilier purchased an office building in the 22@ district of Barcelona from Conren Tranway. The property houses the first coworking centre from the office specialist Wojo in Spain. Amundi paid 56 million euros for the asset, which spans a constructed surface area of 12,500 square metres, according to sources speaking to Brainsre.news.

The global investment firm Partners Group sold an office building located on Calle Gobelas 35-37, in La Florida (Madrid) to SCPI Elialys, a French real estate investment company, belonging to Advenis Real Estate Investment Management. The amount paid for the operation was not disclosed.

Industrial & Logistics

The logistics company Mountpark, which is controlled by the firms USAA Realco-Europe Holdco and Mountpark, announced a 70 million euro investment to launch a new logistics project called Mountpark Illescas I, located in the town of Illescas (Toledo).

The American company Panettoni bought land from the investment fund Bain for its first project in Spain: an industrial park spanning more than 28,400 square metres, with 28 docks and more than 140 parking spaces.

Hotels

The Spanish family office Mazabi is planning to invest 200 million euros in hotel purchases, to take advantage of the current situation generated by the coronavirus given its confidence in the tourism sector over the long term.

The Maro Golf tourist and residential project was the first to be validated by the Junta de Andalucía post-coronavirus. With an investment of 311 million euros, the real estate firm owned by the Larios family plans to transform 250 agricultural hectares into a luxury residential, hotel and golf complex.

Residential

The shutdown of non-essential economic activity for two weeks during April paralysed the construction of 4,809 developments affecting a total of 131,471 homes in Spain, according to data from the real estate big data platform Brainsre. Of those, almost 57,000 have an estimated delivery date of this year.

Pozuelo de Alarcón City Council, in Madrid, gave the green light to the development of a new urban area: Montegancedo. The new neighbourhood, which will span 680,000 square metres, including almost 216,000 m2 for residential use, will enable the construction of 1,050 homes in one of the richest areas of Spain.

Coronavirus

The Government approved a battery of measures to fight against the effects of the coronavirus on the Spanish economy. In terms of housing, the Government suspended all evictions of vulnerable people for six months and extended all rental contracts in force that were about to expire. It has also activated a 1.2 billion euro ICO loan facility for tenants who are having trouble paying their rent.

For commercial premises, the Government established a moratorium for rental payments.

Meanwhile, the International Monetary Fund (IMF) revised down its forecasts for the Spanish economy in 2020. In its World Economic Outlook report, it indicated that Spain will suffer an 8% drop in Gross Domestic Product (GDP) in 2020, while unemployment will exceed 20.8%.

Top 10 most read news articles – April 2020

  1. Madrid’s City Council Meets with Real Estate Experts to Consider How to Bring the City Back to Life
  2. The Bank of Spain Asks for the Method for Valuing Homes to be Changed during the Pandemic
  3. Europe’s Hotels will take Four Years to Return to their Pre-Crisis Profitability, says Barclays
  4. The CGPJ Proposes that Tenants be Permitted to Oppose Evictions due to Non-Payment
  5. The Large Real Estate Companies Refuse to Adjust their Workforces due to Covid-19
  6. New Build Homes have Appreciated by 148% over the Last 25 Years
  7. Coronavirus Halts the Construction of More than 4,800 Projects and 131,500 Homes Across Spain
  8. What Impact has Coronavirus had on the Real Estate Market in China?
  9. Estate Agents Request that Property Brokering be Considered an Essential Activity
  10. The Town Hall of Madrid wants to Apply the Sworn Statement Formula to First Occupancy Licences

Read the original article in Spanish.

B-Exclusives

Latest news