Spain now has the sixth biggest real estate investment market in the world, according to the global capital markets report, published by CBRE.
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In 2013 the report ranked Spain at 16th and in 2014 11th, the country now takes 6th position making its real estate investment market bigger than France, Hong Kong, Canada, Italy and China.
Spain’s gradual ascent in the ranking of investment destinations is partly down to the amount of international capital, which in the first half of the year represented 31% of all real estate investments in Spain.
The biggest real estate markets in the world are the US, UK and Germany, where combined investments reached $301,000 million, taking a 74% share of the market.
There has been a decline in the non-residential global real estate market; in EMEA (Europe, Middle East and Africa), hotel assets have declined from 9% to 4%; although the ‘hotel’ asset market is becoming more attractive to large asset management companies and Middle East investors.
In 2007 the ‘office’ market in EMEA represented 53% of the real estate sector, a figure which stands at 38% so far this year. ‘Alternative’ real estate assets now represent 24% of the non-residential global real estate market.
Cross-border investments in the past 24 months rose to represent 50% of the market in EMEA, the report showed.
Spain invested some $1,390 million in real estate in other countries, a volume of investment which countries like Japan and Norway could not even match.
In the first 6 months of the year global real estate investments reached $407,000 million, the most successful six months since the peak of 2007 when investments reached $441,000 million.
In the first half of the year property investment in Spain reached €8.5 million and by September that figure had risen to €10.8 million, reported El Mundo.
By the end of 2015 Spain’s volume of real estate investment will reach around €13,000 million, CBRE predicts.
Sourced from: Kyero