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Recent developments in real estate investment trusts in Spain

Author

Listed:
  • Víctor García-Vaquero
  • Irene Roibás

Abstract

Real estate investment trusts in Spain (SOCIMIs by their Spanish abbreviation) are instruments for investing in real estate assets which were regulated for the first time in Spain in 2009. They have grown rapidly in recent years to reach a relative size, approximated by their stock market capitalisation in terms of GDP, which is above the average for this type of companies in the euro area as a whole. In Spain this sector is highly concentrated, since a few, large vehicles exist alongside a sizeable group of small companies. SOCIMIs listed in regulated markets and those listed in alternative markets are notably different in terms of their size, balance sheet composition and ownership structure. The low exposure of Spanish SOCIMIs to the residential real estate segment, although it has risen in recent years, is worth noting, as is the high proportion of their capital owned by non-resident investors.

Suggested Citation

  • Víctor García-Vaquero & Irene Roibás, 2020. "Recent developments in real estate investment trusts in Spain," Economic Bulletin, Banco de España, issue 3/2020.
    • Handle: RePEc:bde:journl:y:2020:i:09:d:aa:n:26
    Note: Analytical Articles
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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/ArticulosAnaliticos/20/T3/descargar/Files/be2003-art26e.pdf
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    More about this item

    Keywords

    real estate investment trusts in Spain (SOCIMIs); real estate investment trust (REIT); real estate investment; rental housing; real estate assets; house prices;
    All these keywords.

    JEL classification:

    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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