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Residential Snapshot Spain 2Q 2015

​As has been widely reported the residential and land market in Spain have begun to stabilize and to reactivate in some locations. All indicators point towards a recovery in the sector, however, the recovery is fragmented both on a macro regional level and even within specific
metropolitan areas.

Clearly economic magnets such as Madrid, Barcelona, the Balearic Islands and the Costa del Sol tourist region are recovering at a greater rate, while other regions are lagging behind. Paradoxically even within
some metropolitan areas we see the initiation of new developments while existing new stock in not takenup, due to it micro location. There are opportunities but careful and thorough analysis is required.

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