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One of the determining factors in the return of house purchases to positive rates was the reopening of the credit tap. Nevertheless, access to financing is still a long way from the free bar decreed at the beginning of the s. The granting of a mortgage now requires certain solvency criteria, which forces future borrowers to have savings — and that requirement was avoided in the past on too many occasions.
This prudence on the part of the banks is one of the keys that, according to the experts, differentiates this cycle from the previous one and distances the ghost of a new bubble. With the official figures yet to be published, all indications are that around , house purchases were recorded in , whilst the banks granted no more than , mortgages …. The previous crisis also hit property developers hard, given that demand was stopped in its tracks from onwards, following the outbreak of the global economic crisis, whereas just two years earlier, the number of new housing permits had set a new record, with more than , Numerous companies had started projects without any presales, convinced that they would sell all of the units quickly.
Given that it takes between 18 and 24 months to build a housing development, many buildings were finished only to spend years unoccupied. Nevertheless, given that in the large cities and certain areas along the Mediterranean Coast, the absorption of stock has evolved at a good pace in recent times, for the experts, it seems that the time has come to increase the rate of construction once more.
He expects the supply of new homes to start to increase from the end of this year, although its impact will be greater in the second half of Haya Real Estate is another player in the real estate sector that is heading towards the stock market. The company is owned by the private equity fund Cerberus , which created it back in October after acquiring a firm dedicated to real estate management from Bankia, called Bankia Habitat, in light of the need for the Spanish financial sector to get rid of its property-related toxic assets in a professional way.
No decision has yet been taken regarding the valuation or percentage of the stake that Cerberus will sell. A spokesperson for Haya declined to comment on the news. The company mainly focuses on two businesses. Firstly, the advice and subscription of loans and guarantees, the management and recovery of debt and the conversion of the obligations on property developer loans into foreclosed real estate assets. And, secondly, the recovery and management of property through its sale or rental. The firm employs professionals and has a sales network comprising 2, brokers.
The average management fee during the first nine months of last year was 4. Haya has been growing with aplomb since , but it has several major rivals. The current rental market in Spain has nothing or very little to do with the one that existed in the noughties , when being a tenant was almost equivalent to being a second-class citizen, as Gustavo Rossi, President of Alquiler Seguro , recalls. That increase in supply has been driven by an exponential growth in demand for rental homes and by the boom in tourist rentals. During the first few years of the crisis, demand switched to the rental market, above all due to necessity.
Faced with the impossibility of buying a home due to the high prices or the closure of the credit tap by the banks, or even both factors, families had to resort to renting as their plan B. Nevertheless, and as the economic and employment recovery has been gaining momentum, although the majority of those who rent still aspire to become homeowners, increasingly more households are opting to lease regardless of their economic capacity or solvency level. They are the new tenants by conviction. Sources at Fotocasa are convinced that this year there will be a lot of talk about the rental market once again.
In this sense, the table published by the Bank of Spain comparing yields on rental homes with those on the stock market Ibex 35 and fixed income securities leaves little room for doubt. The latest data reveals a gross profit from rental properties of 4. The experts offer two pieces of advice. Before choosing between traditional rental and tourist lets, investors should analyse all of the variables because it is not always more attractive for a property to be let for very short stays refer to the comparative graph.
And the Administrations are demanding that investors bet more on the rental segment, in the form of direct subsidies and tax reliefs, to encourage owners to put empty homes onto the market and that will allow them to reach maturity. Specifically, the fund will transfer a large part of these homes to several Socimis with the aim of renting them out. A small proportion, the lowest quality properties, will be put up for sale. Of that transaction, Blackstone and Santander will manage around 80, assets through Aliseda.
Of those, 30, correspond to homes from property developer loans, according to market sources. Blackstone has already followed this strategy in the past. Next, it created the platform Anticipa Real Estate to manage those assets. To create the residential giant, the US firm began to create Socimis to which to transfer its properties for rent. But that was just the beginning. Now, Blackstone will identify the best homes, put them up for rent and package them into several different Socimis. Currently, Blackstone is involved in a detailed assessment process of the properties in order to proceed with their appraisal, according to sources in the sector, which will conclude with the completion of the operation during the first quarter next year. The other homes, those that will not be transferred to the Socimis, comprise around 9, units.
They are the worst quality properties and will likely be put up for sale on the retail market. Blackstone, which is led by Claudio Boada as the CEO in Spain, is particularly active in the real estate sector in the country. House sales in Spain may reach , units in , up by 9. Of that total, the bulk will be replacement homes upgrades and just , will involve the creation of new households. Moreover, the prices of new and second-hand homes will continue to rise with a growth rate of 5. Other figures that are below the maximums reached in the boom years are the number of finished homes private and social housing properties in Spain. The report sets a total of 63, units for , compared to 62, units forecast for In terms of prices, they are forecast to increase by 6.
It is the largest real estate debt portfolio that the Spanish bad bank has put on the market in its three and a half years of life. Sareb hopes to sell the portfolio in its entirety to a single buyer, and it is expected to award it through a competitive process that will be completed at the end of or the beginning of In an interview, the CEO of Anticipa, Eduard Mendiluce, said that the company has not yet submitted a binding offer for the portfolio, which was put up for sale just three weeks ago, but he confirmed that his firm intends to analyse the portfolio because it is very attractive. For example, the Director is proposing tax incentives for families who choose to rent, for renovations and for people who are unable to pay market prices.
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