New capital inflows accelerate BTR operations
The investors’ appetite for the residential market together with the COVID19 pandemic are the main reasons for the actual boom of real estate projects for the rental market, known as ‘Build to Rent’ (BTR), a formula expected to stimulate the creation of a new professional range of rental properties in Spain.
The American investment fund Nuveen, the French investment firm Primonial, the assets manager of the German bank Deutsche Bank, DWS, and the promoter division of the AEW management company are just some of the investors who have entered the market with the intention of getting their share when it comes to the range of rental properties in Spain in the next coming years.
More than 790 million in 9 months
The consultancy agency CBRE states that the investment in BTR was over 790 million euros (approximately 3100 properties) in the first 9 months of the year, and will be at least another 200 million before the years ends.”
“The forecast for 2021 is to continue maintaining these levels or even exceed the 1 billion euros, given the growing amount of institutional investors interested in the multifamily segment, the lack of existing product and the transfer of some projects being built for sale (BTS) to the rental market (BTR)”, explains Samuel Población, national director of Residential and Land at CBRE Spain.
For the director of alternative assets of Colliers International Spain, Borja Varela, the increased demand for rental properties in Spain as a result of the recession and mortgage restrictions, together with the high existing liquidity and low interest rates, have accelerated an already growing trend in Spain.
6,200 homes available as of 2021
Arturo Díaz, executive director of Residential at Savills Aguirre Newman, remarks the development of approximately 6,200 homes for rent since 2018 that will become available on the market as of 2021. “There is an evident need for the market to develop itself in order to satisfy a growing demand and eliminate price tensions generated by an imbalance between supply and demand“, he assures.
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