AAFF Market report_Spain and Andorra 2018-2019

Barcelona

The high prices of new-build properties, together with a A 100 square metre house
decrease in the purchase of this type of property by for 580,000 euros
foreigners have caused a moderate fall in sales of new
properties. A reduction that has also originated in the The average price of a newly built property in Barce-
lower demand for investment of this type of product. lona marketed by Engel & Völkers is 580,000 euros,
for a house of almost 100 sqm with two or three
In the medium term, if the situation does not change, the bedrooms. Penthouses maintain their position as the
real problem for the new-builds will be the scarcity of star properties of these developments followed by the
supply derived from the modification of the General ground floor flats with garden and the middle floor
Metropolitan Plan of Barcelona. The reform requires 30% flats with large terraces. 48% of the clients opt for a
of the new offers and large renovations to be reserved for mortgage due to the favourable lending conditions by
protected housing. With this new situation, the developers financial institutions and in many occasions they can
will have more facilities to build in locations in the peri- remortgage the property through another lender if they
phery where they will also obtain greater profitability, are offered a better rate.
which will reduce the supply of projects in the capital,
with the consequent rise in prices. 61% of new-build property buyers in Barcelona are
national compared to 39% foreign. Among foreigners,
the presence of French citizens, who carry out 26% of
the purchases, followed by the Swiss who make up
13% of the purchases, Turks 10%, Americans 8%,
while the rest is divided between British, Belgians and
other nationalities.

Engel & Völkers currently has 164 new developments
in Barcelona, with a total of 626 homes for sale in its
portfolio.

The most significant property offers
by Engel & Völkers in Barcelona
(Figures in euros / sqm)

Residential Projects Neighbourhood Min. Max. Avg.
6.860 13.510 10.190
Sant Gervasi Turó Park 5.820 7.160 6.490
2.900 3.290 3.100
Eixample Fort Pienc 6.060 6.130 6.090
7.550 7.900 7.730
Horta-Guinardó Horta

Sants-Montjuïc Poble Sec

Gràcia Gràcia

Market Trends. The Spanish Residential Market | 101

Catalonia

Sitges Costa Brava - Lloret de Mar

The new-build homes with greater demand in Sitges are The offer of new construction in the south of Costa Brava
apartments with two to three bedrooms, two bathrooms, is much lower than the demand, where there are only
75 sqm and a terrace of at least 10 square metres as well three developments currently. One of them, located in
as penthouses of 100 sqm with a price of 450,000 euros. Paseo Maritimo de Lloret de Mar, has been sold by Engel
65% of buyers for the newly built homes in Sitges are & Völkers at an average price of 5,500 euros / sqm, within
foreigners, of which 30% are British, 20% French, 10% the range between 4,000 and 6,000 euros / sqm and sea-
Dutch and North American. The English and French look front apartments in the area.
for apartments between 70 and 80 sqm while the Dutch
and Americans seek larger homes of up to 250 sqm. 70% of the buyers of new-build properties on this coast
is national compared to 30% of foreigners, mostly Rus-
sians, German and French.

The most significant property offers The most significant property offers
by Engel & Völkers in Sitges by Engel & Völkers in Lloret de Mar
(Figures in euros / sqm)
(Figures in euros / sqm)
Residential Projects Neighbourhood Min. Max. Avg.

Proyecto Sant 2º Linea 5.500 6.500 6.000 Residential Projects Neighbourhood Min. Max. Avg.
Antoni 4.000 4.500 4.300 4.600 6.700 5.500
4.000 4.500 4.300
Proyecto Plana EST Plana Est Infinity Primera Linea

Proyecto Vallpineda Vallpineda

Pyrenees Lérida and Gerona -
Valle de Arán

Contrary to what happens in large cities, new construc-
tion projects in the area are sold once completed. Engel
& Völkers is currently selling a new build project in
Vielha consisting of apartments with two, three and four
bedrooms. The average price of the new-build project
in Vielha is 3,300 euros / sqm.

The most significant property offers
by Engel & Völkers in Valle de Arán
(Figures in euros / sqm)

Residential Projects District Neighbourhood Average
5éh or Region
Vielha Sobernedo 3.300

102 | Market Report 2018-19 Spain and Andorra

Costa Blanca

Benidorm - Villajoyosa Alfaz del Pi

In Benidorm, there is hardly any new-build properties The residential area of Playa El Albir remains the most
due to the lack of land. Currently, the only developments sought-after by buyers, although at present the offer
are taking place in the Poniente area where supply does exceeds demand, since the four current projects will be
not cover demand and drives prices upwards. This situa- joined by eight new ones this year.
tion directs the demand to the ongoing developments in
Villajoyosa, where there is still some land to build on, 80% of the buyers are foreigners from the United King-
even on the beachfront, which is the most demanded dom, Germany, Norway and Holland, while only 20%
location by a foreign buyer profile that accounts for 65% of the purchases are made by Spaniards, mainly in the
of purchases compared to 35% of Spaniards. Polop area.

Engel & Völkers is selling properties in two exclusive The most significant property offers
locations: Villas Estocolmo and Varadero. The first, loca- by Engel & Völkers in Alfaz de Pi
ted in the centre of Benidorm, consists of four indepen- (Figures in euros / sqm)
dent luxury villas equipped with private pool, garage,
garden and home automation at an average price of Residential District
815,000 euros. The second, on the beach front of Varadero Projects or Region Neighbourhood Min. Max. Avg.
de Villajoyosa, offers seven apartments with prices Sion sol
between 290,000 and 595,000 euros. inter. Polop - 1.550 1.800 1.645
La Marina Polop
Larcosta
Dimalbir Polop - 1.800 2.100 1.923
Europasol La Marina Polop
Llobarro
The most significant property offers Saga S.L. Albir Albir 2.100 2.500 2.200
by Engel & Völkers in Benidorm - Villajoyosa
Albir Albir 1.500 1.850 1.600
(Figures in euros / sqm)
Albir Albir 2.200 2.500 2.250

Albir Albir 2.720 2.950 2.820

Residential Projects Neighbourhood Min. Max. Avg.
1.829 2.047 1.938
Villas Estocolmo Rincon de Loix 1.853 2.207 2.030

Varadero Villajoyosa

Market Trends. The Spanish Residential Market | 103

Galicia

La Coruña

Engel & Völkers currently has three new residential deve-
lopment projects, to which two more will be added in the
coming months. In all of them, a similar product is offe-
red for homes with one to four bedrooms, with high qua-
lity materials and facilities, parking space and storage
room, whose buyer profile can be distinguished in three
types. These are young couples with children under the
age of five, investors who buy the house to rent it out and
people who live in other cities of the province and seek
a second home.

The most significant property offers
by Engel & Völkers in La Coruña
(Figures in euros / sqm)

Residential Projects Neighbourhood Min. Max. Avg.
2.479 3.247 2.863
Náutica Riazor
2.957 3.547 3252
Jardines de Oleiros 3.673 2.073 2.873 Vigo
Santa Cruz
In total, Engel & Völkers is selling 39 new construction
Edificio Artium Ensanche homes in the city of Vigo, with an average price ranging
between 2,500 and 3,000 euros per sqm. The most sought
after new-build home is one that has three bedrooms,
garage and storage room, and with a price of around
300,000 euros.

The most significant property offers
by Engel & Völkers in Vigo
(Figures in euros / sqm)

Residential Projects Neighbourhood Min. Max. Avg.
3.000 3.700 3.500
Calle Ecuador Centro 2.700 3.000 2.800

Edificio Cervantes Centro

104 | Market Report 2018-19 Spain and Andorra

Pontevedra Asturias

There are three new-build properties that Engel & Völkers The centre of cities is the area with the greatest demand
is currently marketing in Pontevedra with the forecast of for new-build homes in the Asturian community.
reaching eight in the coming months. Located in the cen- Everything that is built in these areas is sold as off-plan,
tre of the city, the newly built star properties are three-be- like the 12 that Engel & Völkers is currently marketing
droom apartments and up to 130 sqm. On the coast, the in the centre of Gijón with prices ranging from 3,208
most sought after are the properties of two bedrooms next to 3,973 euros / sqm and the three projects in the centre
to the beach. of Oviedo with an average price between 2,010 and
3,713 euros / sqm.
The Rosalía de Castro properties for sale in the centre of
the city of Pontevedra are the ones that reache the highest Outside the two big cities, La Quinta de Luanco stands
average price, with 2,896 euros / sqm, while in Sanxenxo out, 20 homes designed by the architect Joaquín Torres
El Mirador de Seixalvo, six villas of 290 sqm with their with views of the Cantabrian Sea and with an individual
own swimming pool and high quality materials at an pool that Engel & Völkers is selling exclusively.
average price of 1,600 euros / sqm are for sale.

The most significant property offers The most significant property offers
by Engel & Völkers in Pontevedra by Engel & Völkers in Asturias
(Figures in euros / sqm) (Figures in euros / sqm)

Residential District Residential District
Projects or Region Neighbourhood Min. Max. Avg. Projects or Region Neighbourhood Min.

Casas da Nova Max. Avg.
Pedra Pontevedra La Parda 1.400 1.800 1.600 3.200 2.962
Emilio Tuya 40 Gijón La Arena 2.777
3.262 2.815
Mirador de Sanxenxo Seixalvo 1.361 1.460 1.411 La Quinta de
Seixalvo Luanco Luanco Luanco 2.374

Rosalía de Pontevedra Centro 2.749 3.042 2.896
Castro

Veiga Mariño Pontevedra San Blas 1.895 1.945 1.945

Market Trends. The Spanish Residential Market | 105

Basque Country Andalusia

Bilbao - Getxo Marbella

At this moment there is hardly any new-build properties The new-build construction has re-emerged with force
in Bilbao and the few that are sold directly by the com- in recent years in Marbella and Engel & Völkers is a
pany, in most cases under a cooperative regime. These leading player in the marketing of homes that are highly
are high-rise buildings, equipped with garages and sto- sought by mostly foreign buyers.
rage rooms in areas far from the centre.
Golden Mile
Something similar happens in Getxo, where the number
of new construction projects in the area is very low and Symbol of luxury, the Golden Mile of Marbella compri-
there is still a stock of houses that were completed more ses 5 kilometres of coastal strip along which one of the
than two years ago. Engel & Völkers is exclusively selling most exclusive and sought after real estate markets in
two renovated buildings, among which the comprehensive Europe is located. The areas with the highest prices are
renovation of an emblematic building designed in 1906 Puente Romano, Marbella Club and Sierra Blanca, where
by the architect Manuel Smith in which 10 luxury homes the profile of the buyer is drawn by investors and families
on Avenida de Leioa, 2, stands out. looking for a second home, preferably villas or apart-
ments near the newly built beach. 80% of buyers are
The most significant property offers foreigners, highlighting a growing interest in recent years
by Engel & Völkers in Bilbao - Getxo by the Swedish, Belgian, Swiss and Norwegian.

(Figures in euros / sqm)

Residential Projects Neighbourhood Min. Max. Avg. The most significant property offers
6.800 8.500 7.000 by Engel & Völkers in Golden Mile
Avenida de Leioa Neguri 5.000 5.000 5.000 (Figures in euros / sqm)

Aiboa 38 Neguri

Residential Projects Neighbourhood Min. Max. Avg.
3.144 4.854 3.548
The Collection Milla de Oro 3.664 6.013 4.666
4.290 5.870 4.442
Benalús Milla de Oro

La Meridiana Suites Milla de Oro

East Marbella

The most demanded properties are the villas and the most
sought-after areas are Los Monteros, Río Real and the
urbanisations of Las Chapas and Marbesa. Also very
demanded and at more affordable prices, Cabopino stands
out, with its picturesque marina and average prices of
3,259 euros / sqm.

106 | Market Report 2018-19 Spain and Andorra

The most significant property offers Canary Islands
by Engel & Völkers in East Marbella

(Figures in euros / sqm)

Residential Projects Neighbourhood Min. Max. Avg. Tenerife - Costa Adeje
2.628 7.000 3.006
Los Monteros Marbella Este 3.125 4.862 4.230 The new-build prices in Tenerife range from a maximum
3.187 3.773 3.259 of 8,000 euros / square metres that are reached in the
Río Real Marbella Este Villas de Tenis in Abama Resort to the minimum of 1,500
euros / sqm in Sotavento property offers, in Grandadilla
Cabopino Marbella Este de Abona. The first is one of the most characteristic offers
marketed by Engel & Völkers in Tenerife. Located on the
West Marbella Teide slope and overlooking the Atlantic Ocean, this hotel
resort offers several new construction projects, from
The offer of new construction in the area of West Marbella exclusive villas to turnkey luxury apartments. Since 2012,
and Benahavís, where some of the most exclusive golf clubs Abama Resort has offered several projects such as Las
in Europe are located, such as La Zagaleta and Los Flamin- Terrazas, Casa del Lago and Belleveneu and in the first
gos, combine the modern design of apartments, penthouses half of 2018 the new Phase IV project of Abama was
and latest generation villas, with unique views over the coast. presented with Arcadias and Villas de Tenis.
Properties between 80 and 90 square metres have an average
price of 270,000 euros, although the most exclusive are at Among the new-build offers in the island Aqua Suites
an average price of 320,000 euros. For its part, a three-be- also stands out, which is a new project located in one of
droom apartment of about 130 sqm in Benahavis can reach the best areas of the island, in Los Gigantes. It is a very
up to 600,000 euros. small community, with only 20 units. The prices of the
properties depend on the location and size and range
The most significant property offers between 550,000 and 685,000 euros. It is expected that
by Engel & Völkers in West Marbella its construction will be completed by mid 2020.

(Figures in euros / sqm)

Residential Projects Neighbourhood Min. Max. Avg.
5.500 4.675
Guadalmina Baja Marbella Oeste 2.500 4.000 2.000
5.000 3.000
Guadalmina Alta Marbella Oeste 1.955 5.500 3.000

San Pedro de Alcántara Marbella Oeste 2.000 The most significant property offers
by Engel & Völkers in Tenerife - Costa Adeje
Los Flamingos Marbella Oeste 1.800
(Figures in euros / sqm)

Puerto Banús and Golf Valley Residential District
Projects or Region Neighbourhood Min.
Max. Avg.
In the area between the city of Marbella and San Pedro de Abama – Las Guia de
Alcántara, the most in-demand areas are Puerto Banús and Arcadias Isora Abama 5.000 6.100 5.500
Nueva Andalucía, called the Golf Valley. Exclusivity is the
common denominator of all new construction offers that Abama- Villas Guia de 8.000 6.000
reach average prices above 5,000 euros / sqm. de Tenis Isora Abama 5.500
7.000 5.500
Abama- Las Guia de
Terrazas Isora Abama 4.000 3.400 3.300
4.500 4.000
Aqua Suites Santiago 3.200
del Teide Los Gigantes 2.500 2.000

The most significant property offers by Engel Infinty Arona Palm Mar 3.200 2.200 2.000
& Völkers in Puerto Banús and Golf Valley 4.100 3.500
Colinas de 3.000 2.500
(Figures in euros / sqm) Menceyes Arona Palm Mar 1.800

Residential Neighbourhood Min. Max. Avg. Sotavento Granadilla 1.500
Projects de Abona Sotavento

Nueva Andalucía Valle del Golf 3.500 4.800 4.150 Insigne Adeje Rokabella 3.100

Ocean Garden Adeje Playa Paraíso 2.300

Puerto Banús Marina Puerto Banús 5.300 5.800 5.550

Market Trends. The Spanish Residential Market | 107

Andorra

Andorra

Spain

Andorra

108 | Market Report 2018-19 Spain and Andorra

Andorra

The country’s economic outlook

The Principality of Andorra is characterised as a society Nominal GDP of Andorra
and a dynamic economy that has a very stable political
and institutional system. With 468 square kilometres and 3000 2,6% 2,8%
75,000 inhabitants, more than 100 nationalities coexist 2500 2.471
in the country. The Andorran economy is oriented towards 2,2% 2.553 2.674
services and amenities with tourism and commerce as its 2.525
two fundamental pillars. With a specialised offer in win- 2.601
ter activities, but also with a high influx of visitors throu-
ghout the year, tourism is the main source of economic 2000 0,4% 2014 0,4% 2016 2017
resources in the country. More than eight million people 2013 2015
visit the Principality every year.
Data in millions of euros. %
The economy of Andorra maintains the path of growth
and forecasts point to 2019 being its sixth consecutive Source: Department of statistics Government of Andorra
year of growth. The Department of Statistics for the
Government of Andorra places the progression of the real Main magnitudes
gross domestic product (GDP) at 2.3% for the past year, of the economy of Andorra
although the forecasts made for the coming years reflect
some slowdown with real GDP growth of the 1.8% in Nominal GDP per 2014 2015 2016 2017
2019, 1.5% in 2020 and 1.1% in 2021. capita (euros) 35.786 35.342 35.580 35.753
IPC -0,1% -0,9% 0,4% 2,6%
Public Debt
(% GDP) 41% 40,6% 40% 37,6%
Business 7.216 7.666 8.051 8.408

Source: Departament of statistics Government of Andorra

The Principality is in the process of modernising its
economy and has opened up to foreign investment. A
development that began in 2012 with the introduction
of the Foreign Investment Law coming in full force.
Since then, it has received a total of 3,481 applications
from foreign entrepreneurs to invest in, out of which
2,831 have been approved and finalised, contributing

Andorra | 109

to 361 million in the country. According to the report On the other hand, the European Union eliminated
from the statistics department, with the introduction of Andorra from the list of tax havens in December 2018,
this Law being enforced, the country has gone from culminating a process that began in 2009. Although the
receiving 60 annual requests from companies interested Andorran economy still has a strong dependence on the
in investing in the principality to 609 of 2017. By coun- financial sector, it is estimated that it represents just
tries, Spanish entrepreneurs make up 46% of the total under 20% of GDP.
investment, followed by the French, with 25%.

Property Market and Trends

Residential the best theme park of the Pyrenees. The population of
the Principality is concentrated mainly in the central
The number of real estate purchases carried out in 2018 parishes of the country, being the most populated Ando-
registered an increase of 5% to a total of 2,003 transac- rra la Vella.
tions, according to data from the Department of Statis-
tics of the Government of Andorra. La Massana and The type of the star property in the country has 165
Andorra la Vella are the parishes where real estate pur- square metres distributed in four bedrooms, three
chases increased most in relative terms, while Escal- bathrooms, two parking spaces, terrace of 30 square
des-Engordany is the only one registering a decrease. metres and storage room, with geothermal energy and
mountain views. While the penthouses with terraces,
The volume of real estate transferred - flats, detached the detached houses of 200-350 sqm and the apartments
homes, parking spaces, commercial premises, warehou- with surfaces between 100 and 180 sqm in high levels,
ses - last year increased by 9.4% compared to the pre- are the most in-demand homes.
vious year to 5,537. Considering the type of property,
the total of new real estate property transmitted in 2018 The detached properties with two to four bedrooms are
decreased by 79% while the resale real estate increased sought by elite athletes who need to train in the privacy
by 20.7%. The total amount of properties transferred of their homes, as well as by retirees who also seek pro-
during 2018 experienced an increase of 23.8% over the perties with terrace and parking. Also families with high
previous year to reach 806 million euros. purchasing power, who require a safe place for their chil-
dren to go to school, demand this type of property.
The territory of the Principality of Andorra is divided
into seven parishes, Canillo, Encamp, Ordino, La Mas- Finally, apartments are the most highly sought type of
sana, Andorra La Vella, Sant Julià de Lòria and Escal- property as a second residence by Spaniards and the
des-Engordany. In all of these parishes, there is a high French, as well as by the Andorrans who are looking
quality of life thanks to high citizen security, a dynamic for their first home.
and diverse commercial sector, competitive taxation and
a solid and international financial system. These are
characteristics that are completed with natural landsca-
pes and the best ski resorts of the Pyrenees such as
Grandvalira and Vallnord. Andorra also has Naturlandia,

110 | Market Report 2018-19 Spain and Andorra

Price development

The parish of Escaldes-Engordany, the financial and
commercial hub of the Principality, remains as the most
expensive area of Andorra. The average price of the
properties sold by Engel & Völkers in this area is 5,720
euros / square metres and the maximum is 9,355 euros
/ sqm. Very closely behind is the capital of the country
and the most populated and small area of the Principa-
lity, Andorra la Vella, where the properties have an ave-
rage price of 5,550 euros / sqm. On the other side of the
scale is the town of Encamp with an average price of
2,900 euros / sqm.

Property prices in Andorra
(Figures in euros / sqm)

Canillo Minimum Maximum Average
Encamp 1.800 4.650 3.000
Ordino 1.400 4.400 2.900
La Massana 2.400 5.550 3.900
Andorra la Vella 2.050 5.600 3.850
Sant Julià de Lòria 2.200 8.900 5.550
Escaldes-Engordany 1.549 4.400 3.000
2.100 9.355 5.720

Buyer profile

70% of buyers in Andorra are foreigners (European)
and the remaining 30% are the local residents. Among
the first, the Spanish and British dominate most of the
purchases of homes in the Principality. Specifically, 30%
of the purchases are signed up by Spaniards who want
to use the apartments as a second home, near the ski
slopes, which have one to three bedrooms and with a
price ranging from 250,000 to 400,000 euros.

On the other hand, the British make up the other 30% of
the property purchases and their search focuses on hou-
ses and villas located in premium areas with a price that
can vary between 500,000 euros and 1.5 million euros.
The French, who account for 20% of the demand, seek
semi-detached villas with a medium size and with a price
ranging between 500,000 euros and one million euros.

Andorra | 111

Rentals

The detached house between 150 and 250 sqm, with four The most popular areas are the parish of La Massana,
bedrooms, three bathrooms and with an average price of Escaldes-Engordany and Andorra la Vella. These are
3,500 euros per month is the star property to rent in Ando- areas of habitual residence, with many downtown ame-
rra. The average time it takes for a house to be rented out nities or right up the street. Can Guem, where the price
is three to four weeks, while the duration of the tenancy reaches 13 euros / sqm, is a quiet and safe premium area
contracts reaches an average of five years. near the centre of town.

The types of homes most in demand for rent in Andorra 70% of people looking for a property to rent are foreig-
are the following four: independent villas, penthouses, ners. Of this percentage, 60% are Spanish, mostly peo-
apartments and flats. The independent and semi-detached ple seeking a home for work reasons. The rest is made
villas with an average price of 4,000 euros per month are up of 10% of the Brits looking for part-time residences,
the most sought by families with high purchasing power, such as villas or flats and 5% French who are looking
while the penthouses and duplexes between 1,800 to for apartments.
2,500 euros per month are preferred by the young entre-
preneurs, influencers and liberal professionals. The apart- Rental prices in Andorra
ments are rented by families as a habitual residence and (Figures in euros / sqm)
by entrepreneurs.
Canillo Minimum Maximum Average
The most expensive area to rent a home in Andorra varies Encamp 9 15 12
depending on the season. Andorra la Vella is the most Ordino 8 13 8
expensive to rent with average prices of 15 euros / sqm, La Massana 9 15 12
at the Canillo ski season, where most of the offer of win- Andorra la Vella 9 12 10
ter apartments are based in, drastically increases the price Sant Julià de Lòria 8 22 15
until reaching 17 euros / sqm. Escaldes-Engordany 8 19 13
8 20 14

112 | Market Report 2018-19 Spain and Andorra

New-builds

Engel & Völkers currently has 10 new construction pro- Unlike resales, the new-build properties for sale have a
jects in Andorra, to which three more will be added in greater demand from the national buyer. Thus, the profile
the coming months. The demand for this type of pro- of the buyer for this type of property is formed by 40%
perty far exceeds the existing supply in the country, foreigners and 60% nationals.
which drives prices upwards regardless of the area in
question. Although, there is an increase in price the The most significant property offers
more central or closer to the ski slopes, the higher the by Engel & Völkers in Andorra
property’s price will be. (Figures in euros / sqm)

The parishes with the largest number of new housing Project Zone Minimum Maximum Average
applications are Canillo, La Massana and Escaldes-En- D-000ATK
gordany. The first, which is the most extensive in the D-000AS9 Ordino 4.400 4.700 4.550
Principality, is a contemporary and mountain resort that D-000AD1
offers peace and tranquility. The star property that’s in D-0009GO La Massana 3.200 4.500 3.850
most demand in Canillo is a house at the foot of the D-000B44
slopes with 337 square metres, four bedrooms, four Canillo 2.200 4.300 3.250
bathrooms, double parking, terrace of 150 square metres,
located at the foot of slopes with a price of 1,025,000 Andorra la Vella 5.200 6.230 5.720
euros. On the other hand, La Massana houses 121 square
metres, three bedrooms, two bathrooms, double garage Canillo 3.190 3.235 3.200
with a price of 525,594 euros.

Andorra | 113

Credits

Editor
Engel & Völkers Spain S.L.
Avenida Diagonal, 640 6th floor
E-08017 Barcelona
Spain

Drafting
PR Stakeholders

Layout
Vänster and Lei

Coordination
Paula Cruells
Silke Dittrich

Sources
For the preparation of this market report, all the data and statistics have been collected from the following entities and agen-
cies: Tax Agency (AET), European Central Bank (ECB), Bank of Spain, Bloomberg, College of Property Registrars, Inter-
national Monetary Fund (IMF) ), Inverco, Idealista, National Institute of Statistics (INE), Ministry of Public Works, Housing
and Land Observatory, Organisation for Economic Cooperation and Development (OECD) and Tinsa.

All the information has been thoroughly researched. No responsibility can be taken for the accuracy of the content. The
reproduction of content protected by copyright is only allowed with the consent of Engel & Völkers Spain S.L. provided
that an appropriate reference to the source is made.