2024-08-27-莱坊-Spain_Retail_Snapshot_Q2_2024_2页_552kb

报告摘要

Retail Snapshot Summary - Q2 2024

Core Content Overview

This document provides a quarterly analysis of the retail sector in Spain, highlighting key performance indicators, investment trends, and market dynamics. It is prepared by experts at Knight Frank Spain office, using real data and market trends.

International Tourism Growth

International tourism continues to set record figures in Spain.
24 million international tourists visited Spain in the first four months of 2024.
This is 12% higher than the same period in 2019, indicating a strong recovery and sustained demand in the tourism sector.

Economic Outlook for Spain

The International Monetary Fund (IMF) has improved growth forecasts for Spain and the US.
Spain is expected to grow by 1.9% in 2024, which is 0.4% more than the previous forecast.
For 2025, GDP growth is forecasted at 2.1%.
The retail sector is expected to lead the growth of the entire eurozone.

Retail Trade Performance

Retail turnover in Spain grew by 0.3% annually in May 2024.
Consumer confidence in April 2024 reached 84.5 points, up by 2 points from the previous month and 11.5 points from April 2023.
Both the current situation assessment and future expectations saw increases: 1.7 and 2.3 points, respectively.

Retail Investment Trends

Retail investment volume in the first half of 2024 reached €1,300 million, up significantly from €390 million in the first half of 2023.
The retail sector ranks among the top real estate markets in terms of investment volume, second only to the hotel sector.
Shopping centers remain the most attractive investment type, accounting for 60% of total retail investment, with a total of €800 million invested.
Prime yields for retail assets have increased:
- Shopping centers: 8.50% (up from 8.00% in Q1 2024)
- Commercial premises: 4.25% (up from 4.00% in Q1 2024)
- Medium-sized parks in Madrid: 6.75%, remaining stable in Q2 2024.

Notable Investment Deals in Q2 2024

€140 million – Sale of three shopping centers in Barcelona, Cáceres, and Bilbao by ASG Iberia to a Valencian businessman.
- The centers are: SOM Multiespai (36,000 sq m), Ruta de la Plata Shopping Center (17,700 sq m), and Zubiarte Shopping Center (22,300 sq m).
- Capital value: €1,900/sq m.
€120 million – Sale of 22 supermarkets by AEW to MDSR.
- Capital value: €1,000/sq m.
€100 million – Sale of 300 BBVA offices by BBVA to an unknown buyer.
- Capital value: Not disclosed.

European Prime Yields (Q1 2024)

City	Shopping Center	Retail Parks	High Street
Berlin	5.70%	5.40%	n.d.
Dublin	7.50%	6.50%	n.d.
Praga	6.25%	6.50%	n.d.

Note: Data sourced from Knight Frank Research.

Contact Information

Capital Markets
Tamara Sánchez
Director, Head of Retail
+34 600 919 073
tamara.sanchez@es.knightfrank.com
Research
Daniel Caprarin
Head of Research, Marketing & PR
+34 600 919 087
Daniel.caprarin@es.knightfrank.com