Real estate and finance will boost the Spanish economy in 2015
The real estate and construction sector, of great significance for the country, and the financing of the economy and companies accelerate economic growth in Spain in 2015, according to the report ‘The Case of Spain III’ Arcane. The study, prepared by Ignacio de la Torre, was presented at the conference ‘Opportunities of Real Estate in Spain’ organized by Arcano with Asprima and COAM.
‘The Case for Spain III’ claims that a revival of the residential construction sector and housing prices in Spain, with all that this implies the sector in the country will occur in 2015. This recovery will be based on:
- Improved funding. An improvement will occur in granting mortgages, already double-digit growth since part of meager bases (18,000 million euros per year of new mortgages in 2014 compared to 173,000 million euros of highs). Spain constructors increased their funding in Bali Villa Sales significantly in 2015.
- Greater participation (particularly and institutional) in the market,foreign investor which will affect prices.
- Recovery of domestic demand due to the recovery of household savings (net financial wealth of households is already at 2006 levels), to employment generation (a minimum of 300,000 jobs per year) and improved access to mortgages.
- Leadership regions such as Madrid, Catalonia and the Basque Country, important regions for GDP, and whose housing stock is already very low and where they are beginning to experience price increases.
- Necessary reactivation of the construction of new homes. Current initiation of new homes (35,000 in the last year) is ridiculous when compared with pre-crisis 886,000 or 200,000 that can be built in a normal market environment.
Along with the presentation of the study, the day was discussed the opportunities the sector at this time in Spain. A panel discussion moderated by Borja Oria, director of Arcane Real Estate, and with the participation of Juan Antonio Gómez-Pintado, president of Asprima;Abánades Felix, president of Quabit; José Antonio Granero, dean of the College of Architects of Madrid; and Eduardo Fernandez-Cuesta, partner Arcanum Arcanum Head Real Estate and Chairman of RICS in Spain.
To Juan Antonio Gómez-Pintado, president of Asprima, “We are in a time of change in the industry and companies should not be complacent. We have to start talking about new processes, products and efficiency. It’s about doing something different so far we have not done. “
Meanwhile, Eduardo Fernandez-Cuesta, Arcane partner, said: “The real estate industry is facing right now in Spain a recovery based on solid fundamentals, which is generating attractive investment opportunities.”