he volumen of real-estate investment (residential, office, retail, logistics and hotels) closed the half-year close to 6,000 million euros, according to estimates by consultants JLL, a profesional services and investment management company specialising in the real-estate sector. This data suggests an increase of almost 70% compared to the same period last year.
“The market is going through very good times and it is foreseeable that all business segments will improve their investment volumes over 2016 figures, enabling real-estate investment to close the year between 10% and 15% up” said Borja Ortega, Director of Capital Markets for JLL.
Investment for Business
By segment, the predictions made by JLL point to retail pulling in the greatest volume of investment in the first half-year, reaching 2,400 million euros, up 188% on the same period in 2016. The influence which the sale of the Xanadu shopping centre has had on the market should be noted, as well as the of the Edificio España – 51% of the total value of sales are from retail and the remaining 49% from the hotel sector.
Behind this come the investment figures for Offices and Hotels, each forecast to close at around 1,200 million euros. In the case of offices, this figure represents an increase of approximately 55% when compared to the 775 million euros transacted in the first six months of 2016, and is made up 510 million for Barcelona, and close to 700 million for Madrid. Barcelona, notably, is close to achieving the level of investment for the whole of 2016 (512 million). The purchase by Merlin Properties of the Agbar Tower, for 142 million euros and the purchase of the Banco Popular headquarters by Hines, for 90 million euros, demonstrate the strong investor demand which has characterised the first half of this year. Noteworthy In Madrid was the sale of the Parque Isla de Charmartin for 103 million euros.
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