The Spanish economy is set to see continued growth over the next few years, and although the annual rate is expected to gradually slow, forecasts still suggest that it will outpace the rest of the Eurozone.
2020 is set to be another year of strong activity. The Spanish real estate sector will remain firmly fixed on the investor radar, with its solid fundamentals and attractive returns continuing to offer a far more enticing proposition than other traditional investment options. Prime yields – already at all-time lows across most segments – could potentially tighten even further.
Borrowing terms and conditions remain strict. Although competition is helping to gradually bring margins down, lenders continue to impose stringent conditions when it comes to leveraging. While lenders are generally disciplined in their financing criteria, they are caught between end-of-cycle defensiveness and a property sector that continues to perform very strongly.
In this section, we explore the key aspects that will determine the performance of each real estate sector, from offices to data centres. The outlook is upbeat, with demand generally more subdued than in previous years, as the cycle enters a more stable and mature phase.
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