Madrid, Jun 28 (EFECOM).- Real estate investment in Spain reached 4 billion euros in the first half of this year, 15% less than a year earlier, and the hotel sector led the operations, according to the real estate consultancy Cushman & Wakefield on Friday.
According to the consultancy firm’s forecasts, 2024 could end with a total investment of 8 billion euros, which would be a figure similar to that of 2023, if the downward trend in interest rates continues.
The drop in investment volume responds to the fact that the higher investments last year were largely from the first quarter of 2023, when interest rates were not so high, as indicated by the firm in a note.
Cushman & Wakefield has estimated that the hotel sector has invested more than 1.7 billion euros this semester, around 42.5% of all real estate transactions in the first half of this year and 30% more than the same period last year.
The consultancy firm has highlighted the sale of the Six Senses Ibiza Hotel for 1.7 million euros per room during the second quarter of this year as a record transaction in Spain.
“The hotel sector, due to its fundamentals both in terms of tourism, as well as the performance of the main cities, with Madrid at the forefront, is positioning itself as the main attraction for investment capital,” said the general manager of the real estate services company, Jesús Silva. EFECOM
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