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Real Estate news of the week in Spain (19-25 June)

Weekly summary of the most important news from the Spanish real estate market.

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Brainsre compiles below the weekly news highlights.

Residential – Neinor Homes to invest 229 million in Malaga over the next three years

  • Neinor Homes is making a significant investment in the province of Malaga, with a focus on new construction. They have chosen the capital of Costa del Sol as a key region in their Strategic Plan, with the launch of 446 homes in 2023 and a portfolio of 816 units currently being marketed.
  • Over the past five years, Neinor has already delivered 1,614 homes in the province of Malaga, including 1,026 properties in Málaga city, 177 in Marbella, 291 in Estepona, and 120 in Benahavís.
  • Neinor plans to invest 229 million euros in this Andalusian province over the next three years, creating a total of 490 direct jobs and 735 indirect jobs.

Residential – Home mortgages fall by 18.3% in April

  • The number of registered mortgage loans for homes in April this year was 27,053, representing an 18.3% decrease compared to the same month in 2022. The average loan amount also dropped by 4.1% year-on-year, reaching €136,945, according to the National Institute of Statistics (INE).
  • The total value of mortgage loans for homes reached €3.704.8 billion, showing a 21.6% decline compared to April of the previous year.
  • On a monthly basis, compared to March 2023, the number of mortgage loans for homes decreased by 25.2%, and the loan capital decreased by 28.2%.

Companies – The four large servicers in Spain account for 80% of the market share, with 175 billion in assets under management.

  • Intrum Solvia, Hipoges Iberia, doValue, and Anticipa-Aliseda are the four major servicers in Spain, collectively managing assets worth over €175 billion, according to the sixth edition of the ‘Observatorio Assets Under Management’ by Axis Corporate.
  • These four entities hold an 80% market share among the major servicers in Spain, representing approximately 60% of the non-performing assets (NPAs) in the country. This highlights the sector’s consolidation aimed at improving efficiency, which is now a reality.
  • The report emphasizes the dominance and significance of these four servicers, indicating their influence in the market and their role in managing a substantial portion of Spain’s assets.

Industrial/Logistics – Boreal IM and Cadillac Fairview joint venture buys 54,500 m2 warehouse in Alcalá de Henares

  • Boreal IM and Cadillac Fairview’s joint venture has completed its third transaction in Spain by acquiring a warehouse in Alcalá de Henares, the largest logistics market in Madrid, for around €45 million. The completion is expected in 2024.
  • The warehouse, located within Madrid’s second ring, is part of one of Spain’s most established logistics hubs. It accounted for 75% of logistics leases signed in the country in the first quarter of 2023, according to BNP Paribas Real Estate, who advised Boreal in the transaction along with Linklaters, Hollis Global, and PwC.
  • The 54,500 square meter warehouse was purchased from the developer Pavasal, with BNP Paribas Real Estate advising the seller. The joint venture aims to obtain Breeam certification for the warehouse, which includes a rooftop photovoltaic installation and charging points for electric vehicles.

Residential – Neinor Homes sells 209 rental properties in Valencia for 66 million euros to Savills IM

  • Savills Investment Management has acquired two newly built properties comprising 209 rental apartments in the city of Valencia. The assets were previously owned by developer Neinor Homes and are part of the Sky Homes residential complex.
  •  The investment in these buildings amounts to approximately €66 million.
  • By expanding its presence in Valencia, Savills IM demonstrates its commitment to investing in the rental housing sector across Europe. The acquisition of these properties aligns with their strategy to grow and diversify their portfolio in key markets.

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