The real estate market has resurrected with new stakeholders, leaving behind large real estate groups, and only those who have been able to adapt, like Alting, have survived.

Today companies in the sector can be broken down into three large groups: service platforms or management agencies that belong to financial institutions, which are being acquired by foreign investors; real estate investment trusts; and an even smaller group of developers.

In terms of operations, the revival is more accentuated when we look at the tertiary sector, with shopping centers and offices fueling growth, as the figures show. Operations closed in 2014 totaled 10.483 billion euros. And the breakneck pace continues: the first three months of 2015 have seen real estate transactions valued at 2.3 billion euros.

Although capital volumes in 2014 were at pre-crisis levels, the price of assets is still lower, so many more deals on more square meters have been negotiated.

Buyers, mainly foreigners, have gone directly through investment funds or indirectly through REITs (publicly traded real estate companies whose turnover must be at least 80% from rentals. They are subject to special conditions and, in exchange, enjoy tax exemptions and rebates).

The real estate market today is under pressure from those looking to get the best buildings in the best locations.

SOURCES: El Pais | Expansión | La Vanguardia