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104 // iberian.propery / 2017
dossier// ISSUE: TOP IBERIAN cities
RETAIL
Demand: displays strong growth for spaces in the
prime streets of Bilbao and San Sebastian, remaining
stable in other secondary cities such as Vitória and
Santander. National fashion brands, followed by
accessories and specialised retail brands, are the
major players in this format.
Supply: in the high street retail format, there are
virtually no vacant spaces in Bilbao’s prime locations,
which is causing new retail hubs to emerge in the
surrounding areas, especially in the Gran Via zone,
between Plaza Moyúa and Plaza Circular. In the city
of San Sebastian, the trend is identical.
Stock: in the case of shopping centres, 54% of the
available supply in the Basque Country is in the
province of Biscay, which concentrates 13 centres
and a total GLA of 394.168 m².
Rents: in the cities of Bilbao and San Sebastian,
the average rent for shops up to 300 m² in prime
locations is around 120€/m² per month, while in the
cities of Pamplona and Vitória, the rents practised are
about 45 €/m² and 40€/m², respectively.
RESIDENTIAL
Regarding residential stock for sale, the available supply in the
Basque region carries little weight in the national average (2.1%)
Demand: sale and purchase operations maintain the
upward tendency initiated in 2014-15. Although this
trend extends across the entire Basque territory, in
2016, the most substantial increases took place in
Biscay and Gipuzkoa.
Supply: moderate development of new housing in
the free market, and the stock launched between
2014 and 2016 represents, on average, only 30% of
supply launched between 2001 and 2007. Subsidised
housing, of all variants, represents approximately 40%
of the total production.
Available stock: around 10.200 units, in line with the
national average. Most of these residences are located
in Biscay (50%), where the ratio of residences for sale
represents only 0.6% of the province’s total stock. In
the case of Gipuzkoa and Araba, these concentrate
30% and 20% of the residences available for sale in the
region, respectively, although they represent only 1.6%
of the total stock of each province.
Prices: on an upward course in the purchase and
sale market, this tendency is expected to maintain
throughout upcoming years, driven by the lack of
stock available in the short term, and scarcity of land
in the medium and long term.
Rents: in the liberalised market, at the end of 2016,
average rents were around 880 €/month in Biscay
and 860 €/month in Gipuzkoa, while in the province
of Álava, the average rent was about 750€/month.