Last year, New York welcomed some 62.8 million tourists, according to the city’s mayor, Bill de Blasio, and the Big Apple’s official tourism organisation, NYC & Company. The city saw a 2.3 million growth in tourist numbers, compared to the same period in 2016, that was one million more than originally forecast and a 3.8% increase on 2016. It marked the eighth consecutive year of tourism growth for the city and a record-breaking year, despite the hotly debated immigration restrictions and President Donald Trump’s travel ban. For 2018, NYC & Company expect tourism numbers to swell to 65.1 million. The Company said that 79.1% of tourists came from within the US, the remainder of 13.1 million being international travellers, a record for NYC. The largest number of foreign visitors came from the United Kingdom, followed by China, which was in second position, and Canada ranked third. NYC & Company had predicted a fall of around 300,000 visitors at the start of the tourism year, believing that foreign visitor numbers would be most affected by negative publicity. Back then, the organisation’s president and chief exectuive, Fred Dixon, had said that the White House Administration’s rhetoric over protectionism and Donald Trump’s travel […]

Home sales in the Balearics fell by an annualised 27% in May and 18% in June, whilst most other local market popular with foreign buyers continued to grow, according to recent figures from the National Institute of Statistics (INE). How (more…) The post Supply shortages to blame for decline in Balearic home sales say insiders appeared first on Spanish Property Insight. Source:: Spanish Property Insight

The number of Spanish home sales inscribed in the Land Registry rose by two percent in June compared to the same month last year, show the latest figures from the National Institute of Statistics (INE). However, sales declined 18% in (more…) The post Spanish Home sales in June 2018: Modest growth but some coastal markets pause for breath, and Balearic sales fall for second month running appeared first on Spanish Property Insight. Source:: Spanish Property Insight

14 August 2018 Grupo Villar Mir has left the Canalejas project (Madrid), selling the 32.5% that it held in the development to its subsidiary OHL for 50 million euros. In this way, Canalejas will be equally owned by OHL, which already had 17%, and Mohari Limited, a company controlled by the Israeli executive Mark Scheinberg. Villar Mir sold 50% of Canalejas to Mohari in February 2017 for €225 million. The transaction also includes the acquisition, by OHL Desarrollos, of the credit rights agreed to by Grupo Villar Mir with regards to the project for €9.8 million. As the company explained to the CNMV, this price could be adjusted upwards to reach a maximum of €60 million (an additional €10 million). depending on “possible capital gains generated in a subsequent sale of these shares.” Reduce debt This operation will allow Grupo Villar Mir to continue reducing its debt. The Spanish industrial corporation sold 12% of the Spanish construction company last July for €98 million, reducing its stake in OHL to 38% compared to its previous 50%. The Canalejas project will feature the Canadian luxury chain Four Seasons’ first hotel in Spain, a commercial complex and exclusive homes. The complex will bring […]

14 August 2018 With more than €6.1 billion invested in the year to June, Spain consolidated its position as one of the favourite destinations for investors, behind the United Kingdom, Germany, France and Holland. The Spanish property market is still monopolising the flow of investment capital to Spain. With 6.161 billion euros invested in the first half of the year, Spain accounted for 5% of the total volume invested in the European market and has consolidated its position as the European country with the fifth highest volume transacted until June, behind the United Kingdom, Germany, France and Holland. Overall, investment in the real estate market in Europe exceeded 120 billion euros, 10% less than in the same period of the previous, record-breaking, year, according to a report prepared by the consultancy CBRE. By country. The United Kingdom is the leader in investments, with 34.4 billion euros, followed by Germany with 24.5 billion euros. In both cases, investments fell by 6%. Behind these countries is France, with 11.9 billion euros; Holland with €10 billion; Spain with €6.1 billion; and Sweden with €5.1 billion. By asset type. The office market was, once again, the segment that attracted the largest volume of investment […]

11 August 2018 “Wealthy Chileans.” That was the answer much of the real estate sector gave when El Confidencial was investigating the identity the people who just became the third largest landowners in the Pozuelo Oeste Distribution Area (ARPO), in Pozuelo de Alarcón, the wealthiest municipality in Spain. The buyers are the executives Óscar Lería Chateau and Paola Luksic Fontbona, the couple who have just acquired 40,000 square meters of land, 8% of the total area, from La Caixa for 30 million euros. The couple plan on developing 396 homes on the land, according to sources in the sector. The transaction was executed through Paola Luksic’s family office Wildsur and Óscar Lería’s Osim, the Chilean newspaper ‘La Tercera’ confirmed. ARPO is the largest urban development area in the municipality of Madrid, which has been in force for more than a decade, amounting to more than six million square meters. The construction of a total of 5,500 homes is planned for the area, of which 2,900 will have some type of protection. Sources consulted by El Confidencial noted that Luksic is likely to have signed an agreement with a local partner to build the homes houses, “possibly one of the landowners […]

Monday, 13 August 2018 Henderson Park, the European real estate investment platform founded by Nick Weber, and Hines have completed the acquisition of a site to develop a 750-bed student housing project in Barcelona, Spain. This is Henderson Park and Hines’ second student accommodation investment together following an earlier project in Lancaster, UK, and forms part of their joint venture to pursue value-added opportunities in the sector across Europe. The purchase price was not disclosed. Occupying half of a city block in the [email protected] Innovation District on the edge of Barcelona’s desirable neighbourhood of Poblenou, the joint venture’s latest project will see the development of a 20,000m², 750-bed student housing scheme, just 15 minutes’ walk from nearby university campuses. The JV is targeting to deliver the scheme for the 2021/2022 academic year. The finished scheme, ‘Aparto Diagonal Mar’, will incorporate a range of shared amenities including a swimming pool, gym and sports facilities. Hines’ in-house operating platform, Aparto, will manage the asset once operational, to ensure an enhanced experience for its student residents. Nick Weber, Founding Partner of Henderson Park, said: “The Spanish market, and Barcelona in particular, presents highly attractive supply and demand dynamics for an investment into the […]

10 August 2018 The official inauguration of Vidanova Parc is scheduled for September 27, according to Lar España Real Estate’s project director, José Antonio García. The shopping centre will thus open to the public on the last weekend of September. However, the new shopping centre, the most important one between Valencia and Castellón, is already operating on a partial basis, since Leroy Merlin opened its doors to the public on June 22 to take advantage of the summer months, which are some of the most important, in terms of sales, for the French multinational. Mr García highlighted the fact that 100% of the stores have already been allocated to different operators. As has been reported, Vidanova Parc will have about 40 top-flight brands, including Leroy Merlin, Decathlon, C&A, Worten, Urban Planet, Yelmo Cinemas, Norauto, Fifty Factory, Conforama, Casa y Más y Más, guaranteeing a well-rounded commercial offering encompassing sports, DIY, fashion, entertainment and leisure. There will also be a food hall, with restaurateurs such as Grupo Vips (Ginos and Smart VIPs), Burger King, KFC, Lizarrán, Volapié and Pans & Company, among others. The stores will be dispersed among the more than 45,000 square meters of gross lettable area at the […]

Nikolina Angelkova, Bulgaria’s Minister of Tourism, confirmed that over 3.6 million tourists visited the country in the first six months of this year. She said that the Ministry expected a growth of 5% for the period June to September. Revenue derived from overnight stays rose by 6.5% in a year-on-year comparison with 2017. The total revenue was 200.2 million levs or 102.4 million euro in June alone, according to NSI, the National Statistical Institute of Blugaria. This was down mostly to expenditure by foreign visitors, who spent 6.4% more in June than in the same month in 2017, while revenue from domestic tourists rose by 7.2%, compared to the same month last year. The largest growth in overnight stays was recorded by three-star hotels, which accounted for 24.9% of the total number of overnight stays by international visitors and 31.8% of the domestic market, a 9.5% increase on the previous year. In June 2018 a total of 988,800 tourists stayed in holiday accommodation, a 6.7% rise compared to last year. The number of domestic tourists also went up by 6.9%, compared to 2017, while the number of international visitors rose by 6.5%. One of the reasons Bulgaria is seeing an […]

9 August 2018 Housing on the Costa del Sol has become synonymous with rehabilitation, new construction and luxury. Both Málaga and the coast have experienced continual and growing demand for housing since 2015. The trend has been fuelled by the influx of foreign tourists, who are spending increasingly longer periods of time in Spain, along with the boom in tourist flats as an investment in the short and medium terms. This demand, in turn, has resulted in steep price increases, which in some cases have returned to pre-crisis levels. However, experts say that opportunities can still be found. “The Costa del Sol is a reference for the coastal market and Malaga is the focus of interest for investors since it has all the necessary services: AVE (high-speed rail), airport, seaport, cultural and gastronomic facilities… It meets all the requirements so that Spaniards and foreigners can enjoy their old age,” says Jesús Gil, CEO of the luxury real estate brokerage agency, Gilmar. With these characteristics, the Costa del Sol has once again become a reference for investors, of which there are currently three types: institutional, small investors and local investors, who buy homes as a means of saving. Despite the boom […]

8 August 2018 The largest of these real estate companies multiplied their assets fourfold since their first major acquisitions in 2015. Axiare left the continuous market and Hispania will soon follow as the sector undergoes a period of concentration. The success of the socimi regulatory regime since its launch in 2013 is reflected in the gigantic portfolio of assets that these real estate companies have amassed in the last few years. The four largest listed companies have already accumulated portfolios of properties worth nearly 30 billion euros in three or four years of operation, according to the companies’ financial reports for the first quarter of 2018. The development of a regulatory regime for these listed real estate investment companies was helmed by the then Minister of Finance Cristóbal Montoro, as these companies were exempted from paying corporate taxes in exchange for obligations such as having to distribute at least 80% of their dividends (which is taxed) and a listing on the stock exchange, guaranteeing transparency, among other requirements. The regulatory regime followed the example of REITs (Real Estate Investment Trust), which have a long history in the US and Europe. These companies are focused on the property business, and they […]

London-based Bay View Projetos has emerged as the top partner for international investment on Brazil’s beautiful Itaparica Island, offering luxury apartments and executive studios from less than $88,000. The apartments will cater to residential and holiday home investors and are being offered at pre-construction prices. Itaparica has been a magnet for the wealthy since the 1970s and is currently seeing an upsurge in demand in its real estate sector. Not only does the island boast exceptional scenic beauty coupled with stunning beaches and a relaxed party atmosphere – Itaparica is to see more investment in its infrastructure, which has awakened the interest of international real estate investors in this part of Brazil. Among them is a potential new bridge, linking Itaparica with the capital Salvador City. The new road bridge is to have six lanes, dramatically reducing the drive-time from the capital to the island to just 12 minutes. At the moment, passenger ferries take between 40 minutes to one hour to reach the island. Among the delegations bidding for the project was a contingent from China. They offered $3 billion for the construction of the new road bridge, promising a 2018 start of construction. Itaparica is part of Bahia […]

10 August 2018 The hotel investment market is still at a fever pitch, driven by healthy tourism receipts in Spain. Taking advantage of the moment and the current lack of supply, the Colony Capital fund has decided to sell one of the largest hotels in Valencia, elEconomista confirmed with several sources in the sector. The Meliá Palacio de Congresos Hotel, formerly managed by Hilton, is on the market for approximately 50 million euros, in an operation that is being advised by Savills Aguirre Newman. The property, located at 52 Avenida Cortes Valencianas, has more than 300 rooms, a gym, restaurants and parking. Also, the four-star hotel has 24,000 square meters in area, consisting of two buildings with a 29-floor tower, a 21-room Convention Centre and can accommodate up to 875 people. The sale has aroused the interest of many investors, including family offices, socimis and institutional investors, including Axa Real Estate. According to the same sources, the hotel’s management will remain with Meliá, which has been operating the asset since 2010 through a ten-year, renewable contract. Growth in Spain Colony took the asset over earlier this year as part of a much larger operation in which it took control of […]

10 August 2018 Follows its successful takeover bid for Hispania. The North American fund, through its subsidiary Alzette Investment, will terminate its contract with Hispania’s current asset manager. According to the agreed terms, Azora will be indemnified in the amount of €224.4 million, corresponding mostly to “success fees.” Blackstone had already announced its intention to grant the management of the hotels to HI Partners, its hotel management company. Following the success of the Blackstone Group’s takeover bid for Hispania through its subsidiary Alzette Investment, announced at the end of July, the company announced the termination of its management contract with the Azora through a notice to the National Securities Market Commission (CNMV). The early termination will result in an indemnity that will exceed 224 million euros. Hispania communicated Alzette’s decision to terminate the management contract between the Company and Azora Capital, signed on February 21, 2014. The conditions are set in the ‘Termination Letter’, according to which the company entitled to the “collection of the following fees for early termination under the Management Contract: (a) €33,698,143, equivalent to the amount of the base fee that would have corresponded to keeping the Management Contract in force until the end of its […]

8 August 2018 Montepino Logistica invested 17 million euros in a 14,040-square-meter logistics centre in Coslada. The company Montepino Logística has completed construction on its cross-docking platform in the municipality of Coslada, Madrid. It is the largest cross-docking centre built in the last decade in Spain and will house Nacex, a company specialised in the priority courier services. The logistics centre will allow 120 vehicles to load or unload merchandise and documentation simultaneously. The platform has 104 loading and unloading docks for vans and vehicles, and ten docks for large trailers. The cross-docking platform was the target of a 17-million-euro investment, which has a constructed area of ​​14,040 m2 on a plot of land measuring 23,400 m2. The main area is more than 10,000 m2 warehouse where the classification and distribution of goods will be carried out. Inside, a loft was erected to take full advantage of the facility that will be used by Nacex. The property also has a two-story office block where administrative tasks will be carried out. “It is an innovative space that will permit storage time to remain almost non-existent. It presupposes a before and an after as far as cross-docking is concerned,” Juan José Vera, […]

10 August 2018 The property company just acquired the building located at 523 Avenida Diagonal in Barcelona. Colonial has acquired the property located at 523 Avenida Diagonal in Barcelona. The area, which is considered the city’s Prime CBD, has traditionally been dominated by financial institutions, law firms and other service companies. The building has easy access to an array of services in the area and public transport, providing connections to all areas of the city. CBRE advised on the operation. Currently, the building is leased to a single tenant, the Environment Department of the Government if Catalonia. Colonial announced that it intends to renovate the property in its entirety, leading to the creation of an iconic office building in Barcelona’s central business area. The total cost of the project, including capex, will be €37m, corresponding to an investment of €6,460/m2. No new office projects in Barcelona’s CBD are currently underway, and the vacancy rate of Grade A buildings in the area is at historic lows, 1%. The building has an area of ​​5,800 m2 above ground, in addition to 1,200 m2 below ground. The building is divided into a ground floor and nine upper levels. Xavier Güell, CBRE Barcelona’s director […]

10 August 2018 The tourism sector, where both banks operate through specialised units, is one of the principal motors of loan investment. The growth of Spain’s tourism sector has become one of the main levers for loan-based investments. CaixaBank and Banco Sabadell have found a powerful platform for increasing their turnover in the renovation of the country’s hotels and the continuous buying and selling of establishments in an industry that has made Spain the second most visited country in the world after France. During the first half of the year, CaixaBank and Sabadell extended a total of 1.446 billion euros in loans to the hotel sector. The bank headed by Gonzalo Gortázar lent €942.5 million to the hospitality industry between January and June, a growth of 36% over the same period of the previous year (€692 million). The figure easily exceeded the bank’s target growth of 20%. CaixaBank’s financing included 1,618 operations that went primarily to the Balearic Islands (€400 million), Catalonia (€109 million) and Madrid (€164 million). Madrid, where the bank saw the greatest growth in its concession of loans, increasing by 250%, compared to growth of 16% and 43% in the Balearic Islands and Catalonia. In total, Caixabank […]

Section II of our latest Spanish property market report focusing on local Spanish property markets. Prepared with the assistance of James Stewart/Savills, Terra Meridiana, Andersen Fox, and RICS Surveyor colleagues within the Survey Spain Network. For Part I of this (more…) The post Quarterly Spanish Property Market Report – Spring 2018 – Part II: Local Markets appeared first on Spanish Property Insight. Source:: Spanish Property Insight

Phase I of this world class project comprises 33,000 sqm of lettable area and will offer flexible logistics modules ranging from 7,000 sqm, as well as bespoke purpose-built solutions. This will be the first Spanish logistics development by London and Madrid based real estate investment firm Palm Capital, via its specialized arm Palm Logistics CBRE will be the sole letting agent of this high quality and highly efficient project. Palm Logistics Madrid-Gavilanes is situated in a strategic location thanks to its proximity to Madrid, the city’s main motorways and the airport. Madrid, 3 August 2018 – The first phase of construction of Palm Logistics Madrid-Gavilanes is underway at Gavilanes Industrial Estate (Getafe), in the south of Madrid. Phase I of the project will include 33,000 sqm of lettable area – of a total of 115,000 sqm – set on a 50,000 sqm plot, and will offer flexible logistics modules from a minimum of 7,000 sqm, right through to purpose-built solutions for large occupiers and operators with specialist requirements. This world leading project comprises two logistics properties featuring very high standards of quality, energy efficiency and sustainability and CBRE will be the sole letting agent. “Palm Logistics Madrid-Gavilanes is an integrated […]

José Sergio Gabrielli, the current Planning Secretary of Bahia, said in his weekly program, that the daily flow of trucks, motorcycles and cars crossing the Salvador-Itaparica bridge is expected to amount to 140,000 vehicles per day by 2043. He added that the infrastructure project would create a new industrial and logistics heart in the greater Salvador area, generating income and jobs in the Recôncavo, Southern Low and South Coast region, where various investment projects are already in progress. He cited the shipyards in São Roque do Paraguaçu and Maragogipe, and the new retroárea of Salvador’s port. For investors in real estate, the bridge project represents numerous opportunities to get involved right at the start. If some architects’s proposals are successful in their bid, a new road would run through a number of historic cities: Santao Amoro, Cachoeira, São Felix, Maragogipe, São Roque and Itaparica, Gabrielli said in his program. This would be a “bucolic road”. A “bucolic road” running along the Bay of All Saints could potentially bring more tourism to the area, the Secretary explained. However, he explained that one of the advantages of a bridge linking Salvador to the island was a reduction in time that it took […]