The report of the consulting company Savills on the situation in the real estate market of Seville indicates that the city has "enormous potential" in this sector of the economy. The report highlighted the steady growth of the market after the pandemic and its innovative potential.
Seville has become the focus of attention of investors, developers, as well as Spanish and foreign consumers interested in real estate for a variety of needs. The residential real estate and hotel sectors are dynamic.
The report was prepared in response to the opening of the company's new office in Seville. The Mayor of the city Antonio Muñoz also attended the opening ceremony.
Savills emphasizes that the potential of the city's real estate has grown in all segments and market indicators reviewed in the report "Vision Seville 2022".
Among the report’s findings, Seville has become one of the most dynamically developing cities in Spain in housing construction. So, there are 130 housing units for sale on the market, the number of transactions on new construction projects grew by 41%, and the price increase was 7.4%.
The hotel sector deserves attention, this direction is being reoriented to higher levels, as the interest of investors and international buyers tends to assets of larger offers from higher categories.
However, the report indicates that the supply meeting this demand is poor — only 153 hotels. Nevertheless, 26 more projects of the hotel sector are under development, which will create about 2,000 housing units.
As for the key commercial hubs of Seville, it is reported that they have high tourist attractiveness and well-developed logistics and communications. Although there is no space to build new shopping malls, it is possible to develop commercial parks.
However, Seville offers lower rental rates for commercial real estate than in other cities.
In the office segment, there is an opposite situation – a shortage of high-quality and renovated premises. At the same time, there is consolidation and significant demand in the logistics sector.
Finally, the residential real estate segment was highly sustainable in 2021. This year, it will remain stable, becoming the main engine of Seville's economy.