SPAIN’s real estate investment party has wound down a little in 2016 as the frenzied energy of the past two years gives way to lower but more stable levels. A high of €13 billion was reached last year, which is expected to drop quite considerably to around €9 billion this year.
Despite appearance, that is still an excellent figure which shows the Spanish property and construction scenes to be in rude health, while 2016 has seen its fair share of investment milestones, with spectacular sales of shopping centres and business parks making headlines.
Foreign money has been crucial to this success. Spain has one of the world’s largest proportions of foreign investment in its booming real estate business with money from Germany and Asia having a particular weakness for the bright lights of Barcelona and Madrid.
Retail takes up the largest chunk of investment, while office space saw the largest decline, and Madrid stole the show with more than €5 billion ploughed in.