Housing market shifts are being triggered by the economic situation, interest rates, demographics and changes in current needs. Regarding property sales, the report reflects that interest rate hikes mean fewer mortgages are being granted, translating into fewer transactions, especially in large cities. In addition, MVGM points to the increase in demand from foreign buyers, who account for around 15% of the total.
In the report, which analyses the rental market, MVGM points to the shortage of rental housing stock currently in Spain, representing less than 1%, and has led to a significant increase in rental prices. This has provoked annual rent increases of around 15% in Madrid and Barcelona.
"The difficulty in accessing rental housing in large cities has led many applicants to temporarily opt for new, more economical formulas, such as coliving or residences," says Faustino García, spokesperson for the residential area of MVGM. "Encouraging the rental market is a necessity and an opportunity for large institutional funds, which are once again studying investment options, once the interest rate horizon starts to stabilise," concludes García.
Offices: increasing availability and consolidating the "hybrid" working model
The demand for buildings that meet sustainability, flexibility and user-friendliness continues to rise. Many tenants are willing to pay higher rents for buildings with these facilities.
In addition, "hybrid" working is consolidated as the most prevalent working mode, being widely adopted irrespective of the number of employees.
Revenue per hotel room above pre-pandemic levels
The second quarter of the year has yielded positive data for the hotel sector, especially considering it is close to the summer holidays. Specifically, hotel sector data reflect an increase in the average time in advance with which bookings are made, from 18 to 33 days globally.
In addition, revenue per room is above pre-pandemic levels for the different hotel segments, ranging from 13% in the case of mid-high hotels to 25% in luxury hotels. The latter sector is performing the best, especially in coastal destinations such as Marbella and others such as Madrid, where revenue per room is higher than in 2019.
Regarding the retail sector, MVGM highlights the positive outlook for this period, being a very attractive product within the real estate sector. The accumulated sales of retailers have increased by 6.46% compared to 2022, showing the sector's recovery. In addition, inflow is almost at 2019 levels, before the pandemic, with +4.22% compared to the same period last year.
"The data we have collected during the second quarter of 2023 is very encouraging for the sector," explains Helena de Arcos, Head of Retail at MVGMEspaña. "Tourism may be behind the good inflow numbers. This summer, coastal shopping centres are expected to break their own records," she adds.
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