What types of real estate funds invest in Spain? Is Spain still an interesting destination for funds investing in the real estate market?
«Undoubtedly, Spain is still interesting for institutional funds, and especially the residential segment, which has become a priority for investors. The rules that are being announced in connection with the new real estate law do not help and harm the growth and increase of fund investments», says Jorge Benjumeda, partner at Elix investment company.
Marta Herrero, Manager of Altamar Capital Partners, shares the same opinion, noting that Spain is an attractive country for national and international funds: «This year, two-thirds of investments came from foreign net. If we compare it with the historical average of investments in net, then in the period from 2005 to 2009, 60% of investments were foreign net, so now we have risen and have already exceeded this average. The announcement of control measures in the Law on Real Estate Construction, which will not be implemented, only creates uncertainty and doubts that repel net, which may eventually lead to its withdrawal from Spain».
Spain is the fourth largest economy in Europe. «EUR 300,000 are invested in the whole of Europe every year, but in Spain only EUR 12,000,000, and it should be twice as much. We are the second largest tourist destination in the world, and our macroeconomics guides investors, and if they don't invest more, it's because there is no product», says Mikel Echavarren, CEO of Colliers España.