Adding to its presence in the Spanish real estate market, GRE Assets has launched a new office in the heart of Madrid’s business district – in the Edificio Torre Europa, with Google Madrid, the Spanish Ministry of Defence and the El Corte Inglés department store nearby.
The company is placing its faith in a resurgent Spanish economy and real estate sector, following a remarkable recovery from years of recession. House prices in Barcelona, for example, where GRE Assets has significant developments, rose by 12.86 per cent in the first quarter of 2018 alone.
The Madrid region is also flourishing: its GDP rose by 3.4 per cent in 2017 and is expected to register similar growth in 2018, adding 156,000 new jobs by the end of 2019. “The Spanish economy is immersed in a virtuous circle of falling unemployment, recovering salaries, rising consumption and positive trends in the real estate sector,” said Ignacio de la Torre, chief economist at Arcano Partners financial services in Madrid.
In its latest forecast for the Spanish economy, the OECD notes: “Business investment has picked up due to supportive financing conditions, lower corporate indebtedness and stronger confidence. The housing market is recovering and residential investment has increased strongly.”
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