Although this indicator points towards recovery, investment is still around -40% y-o-y. The data is from consultant BNP Paribas Real Estate, and it includes all real estate investment concerning offices, retail, logistics, hotels, housing rentals and alternative assets. The analysis for a period of 9 months also revealed that investment dropped 28% y-oy and it is set at 6.373 million euro.
Despite being below last year’s numbers, the capital allocated to the Spanish real estate market shows that investors’ interest remains and, according to the consultant, the highest appetite comes from investment funds, since they possess high liquidity on the short and mid-term at a time when fixed rents reached «historical levels».
Retail, Offices and Logistics lead investment
Looking at the capital allocated towards the different segments, it becomes clear that this quarter’s winner was retail, representing almost 28% of all investment with 593 million euro. Within this segment, investment in food-related assets and retail parks were the highlights. Offices came in second place with 540 million euro between July and September, representing 26% of all investment.
In third came the logistic segment with 460 million euro representing 22%. This is one segment that remains «under the investors’ sights», especially due to «e-commerce's exponential growth and the simpleness in terms of real estate management of logistic assets», stated the consultant. On the other hand, competitive construction costs and «attractive» returns are two factors which are turning the segment into a «segment very coveted by investors».
These three segments alone represent 76% of all investment registered during this period. Despite having had less investment, the hotel segment also stood out, attracting a total of 208 million euro, a 279% increase when compared to the previous quarter.
On the other hand, «the housing market was less dynamic than it had been during the last quarter, reaching 206 million euro in terms of investment during the third quarter, 20% less than the previous quarter», explained BNP Paribas Real Estate.