ONE of the world’s biggest accountancy firms has revealed that Spain is set to become even more of an investment hotspot in 2017. Ernst and Young, now known as EY, found that Madrid is a favourite among investors looking to relocate from the UK following the Brexit vote.
Spain’s capital city ranked as the fifth most attractive in all of Europe, while Barcelona secured 10th spot. Only London, Paris, Frankfurt and Berlin fared better than Madrid in the survey of top executives.
Many real estate experts across Europe are eagerly waiting to see where the money will go if, as expected, a great deal of it leaves London. The most likely scenario is that it will spread across different countries but with one key base, almost certainly in Germany.
That still puts cities like Barcelona and Madrid in pole position to see even more real estate investment come their way. The twin pillars of Spain’s booming economy have seen billions of euros ploughed into serious property projects in recent years.
Commercial spaces and hotels are the main agents of change and the trend looks certain to continue once the impact of Brexit is felt.
It also bodes very well for Spain’s quickly evolving residential property market.
The country needs more homes quickly. With the commercial real estate sector looking so promising the construction industry has swung into full gear and 2017 is looking like a year of terrific growth on all fronts.