Trends in the real estate market in the second quarter of 2019

Num. 2 - May 2019

Highlights of the quarter: April - June 2019

Gloval launches its second edition of the Gtrends Report, corresponding to the second quarter of 2019, where it analyzes the keys to the Spanish real estate market, with relevant information on macroeconomic environment and different segments of the real estate sector, such as residential, logistics/industrial, office, retail and hotel.

Macroeconomic environment

The preliminary report of the Quarterly Spanish Accounts published by the Spanish Statistics Institute (INE) shows an increase in the GDP YoY variation for 1Q2019 with a 2.4% rate.

Chart 1: Evolution of GDP and People registered in Social Security in Spain. (YoY variation in %)

Residential segment

House prices on the free market rallied once again in 4Q18 and broke the €1,600/m2 barrier for the first time since 2012, according to the Ministry of Public Works data.

Logistics/Industrial segment

Investors continue to show an appetite for finished or under construction properties for storage and cross-docking facilities.

Office segment

Very active segment given the demand in Madrid and Barcelona, especially in the Services sector, with over 30% of total rents YTD.

Retail segment

In 2018, the sale of Shopping Centres and Retail Parks rose to 45,500 million euros according to the AECC, which was a 2.9% higher than in 2017.

Hotel segment

We continue to see strategic movements by private investors and chains and the outlook
for this year is still positive.

Valuations as an indicator of the real-estate sector

The trend in the number of valuations conducted in Spain by BoS-approved companies, shows the rally experienced since 2008 in the different real-estate segments. In 2018, based on
the data for September, valuations are estimated at about 1.36 million, with an estimated value of approximately 440 billion euros.


By segments, lands and building parts were the most active in terms of valuations, followed by residential buildings and commercial.

Chart 2. Number of valuations per segments. Thousands.

Chart 3. Volume of valuations by segments. Base index 2004=100.

GLOVAL’s valuation activity for Service Stations

Gloval Group conducts a large volume of specialised valuations/appraisals in this segment, in “Oil” and “Non-Oil”, for large operators and individuals.


Out of all the jobs delivered in the last the last three years, this graph shows the areas we have most worked in.

Chart 4: Regions with highest number of service stations appraised.

You can download the GTrends Report Num. 2 here:

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