For the half year as a whole, the total is €4.167bn, a drop of 19% from last year, when one of the best Q1s in history was recorded, just before the pandemic. By asset type, logistics was the biggest beneficiary, accounting for 29% of investment; in fact, the main transaction in Q2 was Bankinter’s acquisition of Montepino for some €900 million.
The hotel sector, with €838 million of investment in H1, exceeds the figures of the same period last year.
Intermoney’s research team’s opinion: "We think these figures indicate a return to normality in Spain’s real estate sector after the pandemic, although quarterly data tends to be quite volatile. The buoyancy of the logistics sector, boosted by the rise of e-commerce, comes as no surprise.
On the other hand, offices have not had their best six months, with investment falling by half. That said, CBRE highlights the lack of assets for sale in Madrid as one of the causes; the consultancy firm does note an increase in the number of processes in recent weeks.
A rising asset is also the so-called “multifamily,” with 24% of total investment. This includes residential buildings for rent and student residences, which are gaining interest amongst developers as they involve lower risks and costs in their commercialisation".