• Hotel Pullman Barcelona Skipper sold for 90€ million

    11 July 2016

    A Luxembourg investment fund has bought the Pullman Barcelona Skipper hotel, situated in the Olympic Port of Barcelona for 90 million euros.

    The transaction was closed this week and CBRE Hotels has advised Axa Investment Managers Real Assets, property owners in the sale of the hotel to this fund investment Luxembourg, whose name has not been disclosed.

    The hotel, which has five stars and has 241 rooms, four dining areas, a spa and fitness center, will continue to operate under the Pullman brand with a long-term management with Accor Hotels & Resorts, as reported by EFE.

    The director of CBRE Hotels Spain, Jorge Ruiz, considers this operation “shows the appetite of international investors for the hotel sector in Barcelona” and that despite the hotel moratorium, the city still has the hotel market “more Spain attractiveness “thanks, among other things, to strong international demand.

    In 2015, the volume of hotel investment in Spain increased by 95% over the previous year.

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  • Spain Golden Visa: Changes in Spanish Gold Residence Visa Law

    4 March 2016

    spain golden visa

    In order to improve the conditions for investors looking to obtain the Spain Golden Visa, the Spanish Government approved on July 30, 2015 a modification of the Law 14/2013 facilitating the granting of these permits.

    One of the key points are the family members who are now eligible for the Spanish Gold Residence Visa. Initially, only the spouse and children under 18 years old were able to be included in the programme with the holder of the investment. However, as a response to this limiting factor, it is now possible to include adult children who have not made themselves a family unit and are still economically dependent on the investor, as well as the ancestors of the investor who are economically dependent.

    Another advantage, which also will be a differentiator over existing regulations in other countries with similar programmes, is the abolition of the requirement to travel to Spain at least once during the authorized period to stay. Therefore, there is no obligation to visit Spain for a single day to apply for or renew residence. It is usual among investors to not re-locate in Spain, but instead, just having an investment which allows to obtain a return on investment and get the Golden Visa in Spain which allows to travel to Europe (Schengen territory) at any time when needed but without obligation to do relocate full time to Spain.

    In addition to the new regulation, the Spain Golden Visa initially granted will continue to be for two years but the renewal of it will directly be 5 years renewable for equal periods, providing greater peace of mind to the investor and reducing paperwork.

    Another new feature is the possibility of obtaining a visa or provisional authorization for 6 months for those who have not yet formalized the purchase but have already signed the pledge and deposited the money in Spain. Therefore, investors can prolong their stay in Spain during the purchase process beyond the 90 maximum days allowed as a tourist, and also have direct access to the residence from Spain after the end of the buying process without returning to their country of origin.

    With these changes, Spain tries to be ahead of the most advantageous options on the international scene as regards conditions for obtaining Golden Visa or investor residence visas.

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  • Cost of living in Spain: Comparison of country’s biggest cities

    29 February 2016

    The cost of living in Barcelona is 30.17% higher than the national average, making the Catalan capital’s the most expensive city in Spain, followed by San Sebastian (+27.85% on average) and Madrid (+ 22.72%). On the other side, Caceres is the cheapest city (16,35% below the average), with Lugo (-13.75%) and Palencia (-13.16%). These are the main conclusions of the index prepared by the web Kelisto.es that analyzes savings and services in different Spanish cities.

    The analysis shows that the most expensive cities are often those with the highest salaries in the country as well. In fact, 6 of the 10 capitals with a cost of living higher also part of the ‘top 10’ of cities with higher household income.

    To determine what it the cost of housing for the consumer, the report analyzes the average purchase price and rental of an apartment of 80 square meters in each of the provincial capitals. In average, to buy a house of this size in Spain costs 131,040 euros. The highest prices are those recorded in San Sebastian (328,080 a 150.37% on average), Barcelona (269,520 euros, 105,68% more) and Bilbao (241,360 euros, 84.19% more). Instead, the least expensive cities are Jaen (89,600 euros, -31.62% below average) and Lleida (91,440 Euros, 30.22% less).

    Renting a house of 80 square meters costs an average monthly payment of 561.6 euros nationwide. Given that figure, the most expensive capitals of the country are Barcelona (970.4 euros, 72.79% above average) and San Sebastián 940 Euros, 67.38% more), while Lugo (332 euros a 40.88% less) and Ourense (351.2 euros, 37.46% less) are the most economical.

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  • Spanish economy grew 3.2% in 2015: INE Report

    6 February 2016

    The National Statistics Institute (INE) confirmed that in 2015, the Spanish GDP grew by 3.2%; the highest increase generated by the Spanish economy since 2007.

    The Spanish economy managed to extend its growth in the final months of the year, to maintain a quarterly increase of 0.8%, the same as was recorded in the summer and only two tenths below 1% in the second quarter. The Bank of Spain attributed this results to the great strength of private consumption and business investment as the pillars of the Spanish economy.

    The data confirmed by the INE is only a tenth below the government forecast (3.3%), which was always more optimistic than international agencies and most private analysts about the strength of Spanish economic growth.

    In addition to the improvements in the Spanish economy after tough years during the recession, the GDP growth in 2015 places Spain as the most powerful among the major advanced economies. In the European Union, according to the latest forecasts from Brussels, only Ireland (with a growth of 6%) and some Eastern European countries (Poland and Romania advanced to 3.5%) would have experienced a bigger upswing.

    For 2016, the Spanish Government forecasts that this trend will continue and that the strength of domestic demand and the inertia of 2015 sustain the growth of the Spanish economy to about 3%.

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  • Strong rise in prices during Q3 2015 in Madrid

    3 January 2016

    The National Statistics Institute (INE) registered in the third quarter of 2015 a rise of 6.9% in the Spanish capital. A trend confirmed by the reports of the main real estate portals and consultancy firms, which disclose a market segmented into two parts: the rise in prices was concentrated in the most exclusive and affluent areas, while prices in the most disadvantaged neighborhoods remain stable. The report that the real estate portal “El Idealista” published this week suggests that 2015 ended with a rise in the price of used housing in Madrid of 4.4% compared with 2014.

    These price increases concentrates in certain areas of the city, while others still recorded falls. Between the average price of the most expensive neighborhood in the city, Recoletos, in the district of Salamanca (5,843 Euros per square meter) and San Cristobal, in Villaverde, the cheapest neighborhood, where an apartment is worth 925 Euros on average per square meter. The increase of the average price of properties was recorded throughout 2015 in 12 of the 21 districts of Madrid. The Center district is the area where prices have risen more (8.9%), followed by Salamanca, which registered an increase of 5.7%, followed by Retiro with 4.3% and Arganzuela with 4.1%

    Courtesy: El Pais

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  • Investment reaches record 13.000 million Euros

    2 December 2015

    The housing crisis is definitely part of the past. Or so it seems as per published by international consultancy CBRE in its latest announcement. 2015 will be the year of the records. 13.000 million Euros, 25% more than 2014 (10.000 million), and more than three times the amount of 2013. Not only that, but also the 10.000 million from 2007, just before the real estate bubble burst.

    Foreign funds are responsible, directly or indirectly -via socimis- for 70% of the investment. Optimism about the recovery is widespread and extends to all sectors. Residential, offices, shopping centers, logistics, hotels … all will close the year at record levels.

    The investor appetite in the residential sector returns. Leading the recovery are Madrid and Barcelona, followed by the most established areas of the Costa del Sol and Levante.

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  • The emblematic building “Torre Espacio” has new owner

    30 November 2015

    The Philippine group Emperador, owned by tycoon Andrew L. Tan, specialist in liqueurs and spirits, is the new owner of the Torre Espacio Madrid, after purchasing it to the Villar Mir Group for 558 million Euros.

    Juan Manuel Villar Mir waited the whole year trying to sell its skyscraper intended to finance the construction of the fifth tower as major new building project of their companies, while the works of Operation Canalejas remain in the center of Madrid.

    The Philippine giant has his eye on Spain after buying 50% of the Bodegas of Jerez Cups, specializing in the production of Brandy. With this new purchase, it includes to its portfolio one of the most exclusive and luxury buildings in the Spanish office market.

    Torre Espacio is one of the four skyscrapers that crown Madrid northern Paseo de la Castellana, 230 meters high and 57 floors with a total leasable area of 60,142 m2 and 1,173 parking spaces where some of the embassies like Australia, the Netherlands and United Kingdom have their offices.

    Source: El Idealista

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