Bankinter provides up to 5% of housing prices in 2018

Bankinter notes that the Spanish property market is accelerating its recovery phase in terms of demand and prices, which provides modest increases of 4% in house prices this year and between 4% and 5% next year when the volume of residential housing demand will reach 550,000. So included in the semiannual report of the property market in Spain by the Department of Analysis of Bankinter, where the accelerating demand and housing prices in Spain in the first half of the year highlights and explains that the increase prices is the consequence almost inevitable in a scenario of strong growth in demand and a clearly limited supply. However, he notes that the profound differences in demand in different locations will persist a large dispersion and the average increase in the vicinity of 4% is not representative of the real situation in different areas of large cities. According to the study, the brunt of Madrid and Barcelona continue to drive the average price in Spain, although other cities continue posting declines as Bilbao and Zaragoza (-3.0% and -3.7%, respectively). He also believes that the rise in average incomes will continue in the coming quarters, the supply shortage and a growing interest in rental housing after the 2008 crisis, despite the fact that Spain is one of the countries with the highest percentage of home ownership and use (79% vs. 67% average in the EU). In addition, increasing profitability through the tourist apartments rented through platforms like Airbnb is causing rental agreements for long-term housing rents reflect significant increases. However, considers that the pace of rising housing prices will moderate and be in the range of between 4% and 5% in 2018. 100,000 annual sales forecast Similarly, the analysis states that the activity Bankinter promoter "is back" and reducing stock, growth in work visas and investment plans for new developers accelerate new production in 2018. Thus, estimates that housing construction will increase strongly during 2017 and 2018 to reach figures close to 100,000 homes annually. As for the commercial segment, offices maintain a significant potential and incomes continue to grow consistently in Madrid and Barcelona both (CBD) and new districts. However, it estimates that investment levels should slow in 2018 with respect to the maximum of the first half, once yields benefit approach and minimum yield spread fixed income begins to decline. Among the listed companies, Merlin Properties favorite idea continues being it Bankinter investment, with an increase of 23% from its buy recommendation in February 2016. "The size and diversification of its asset portfolio visibility and margins and results a return exceeding 3.5% dividend are clear strengths, "emphasizes Bankinter, who notes that Neinor Homes presents the best prospects among companies focused on residential development.


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