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Real Estate Investment Falls by 61% to €1.6 Billion in the Year to March

The restrictions and the slow progress of the vaccination campaigns have led to a significant drop in real estate purchases compared to the record first quarter of 2020, according to CBRE.

The Covid-19 pandemic in Spain continues to reverberate around its economy and the main business sectors. This has been the case with real estate investment, which is still showing significant declines compared to the pre-Covid era.

According to data from the consultancy CBRE, real estate investment in the first quarter of 2021 reached approximately 1.6 billion euros. The figure is equivalent to a 61% drop compared to the period from January and March of the previous year, which had set a record for acquisition volumes.

“As has occurred in much of Europe, the continuation of restrictions on activity and mobility in the first weeks of 2021, together with the slow progress of vaccination campaigns, is delaying the economy’s resurgence at the expense of the recovery of spending and tourism. In this context, preliminary data for the first quarter of the year point to a 61% drop compared to the first quarter of 2020, which had seen record investment volumes,” said Lola Martínez Brioso, director of the CBRE Spain’s Research department.

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