(3) Real estate from architectural plans: shopping around the world

2 September, 2011 No Comments

Risks and advantages of a fairly common way of purchase.

To purchase a property out of the arquitecture plans is common in countries like Spain, which have had a large market of new construction, as well as in other developing countries such as Greece, Crete, Panama, Brazil, Turkey, Egypt or Morocco .

Why do people choose this purchase method? On one hand involves savings, which in some cases can reach up to 30% of the final price once the property is completed. It also allows the new owner to make changes in materials, and the distribution both inside and outside, example: increase the size of a room, change a terrace, or increase the size of the pool (in contrast, in a finished house, it is more difficult and expensive).

However, the buyer of a property out of the architectural plans bears many risks. In the first place,  he has to make a deposit upon signature of commitment of the purchase contract, then the promoter requires him to make a number of advanced payments before they finish building the house… ie when the house structure is complete or when the roof is finished …. the process keeps repeating itself until the house is completed and the final payment made. This process may take 18 to 24 months or sometimes even more.

In some cases, investors buy the property off plans and sell it when it’s finished at a higher price. In other cases, they buy the property off plans and sell it before it’s finished, thus assuming only the deposit and early payments and avoiding the last ones. This strategy was very profitable when the market was favorable, with profits of nearly 20%.

In the current market, where sales are stuck, the risk is much higher and the appreciation of the capital invested is almost inexistent. Since it’s difficult to sell an unfinished property the buyer will have to make all remaining payments. Under these conditions, we must have the money to cover all the payments and bear in mind that in two years, mortgages are subject to change.

The property’s delivery date must be clearly stated in the contract (month and year), specifying whether the possibility of extension exists. To treat possible delays in the delivery of the property, parties may have previously agreed to a penalty clause that covers compensation for any costs (moving furniture, rent …) according to the days or months of delay.

All of these details should also be specified in the pre-arrangement that is signed at the time of the deposit, with the house details (square meters, location, quality specifications and equipment), and the price and interests agreed on.

Even if delivery is made under the agreed time, we must verify in which conditions was delivered . The home must be completed with the “end of construction” certificate signed by the architect who led the work, and the adequate licenses and permits:  first occupation (for private housing), and final certification (in public housing). If they are not in order, utilities companies will not accept it and you will not have water, electricity… to live in a house with no license could lead to a penalty from the public administration. If a delay does occur, a first request is sent to the developer to deliver it (ie. Bur fax with receipt requested). If after two months the property has not been delivered, another similar requirement prior to a lawsuit. After 6 months, then you can start to process a legal claim (it is recommended to keep all costs that this delay has caused to the buyer, to attach them with the claim).

Buying a property off plans has not been recommended for a couple of years now. During the housing bubble, if the developer was a good professional, the buyer got his home in a timely fashion and at the agreed price. But in many cases, complications arise and the buyer can lose the house and the amounts paid in advance. There are buyers who find themselves in this situation because at the time they agreed to sell this way. In my next post I will explain the process to be followed in our country when problems with the purchase of a property arise.

2) FRACTIONAL PROPERTY: Shopping around the world

1 September, 2011 1 Comment

That is, to buy only part of the property, which is different than timeshare or right of use.

Fractional ownership allows the buyer to purchase only a portion, instead of owning the total property. This method was originally used in the purchase of yachts and planes, but for the last two decades has been applied also in the American real estate market, and also in areas of Europe that tend to have a year round occupancy, i.e. Golf Resorts Algarve (Portugal).

Buying a share of the property, usually between 1 / 4 (to use 13 weeks per year) and 1 / 12 (one month of use), carries a small down payment, which instead of buying an entire property, allows you to buy small fractions of different properties in different locations. Another advantage would be to buy a portion of a much larger house for the price a little one.

Keep in mind that if you buy a quarter of the property, the cost will be slightly more than one fourth of the property’s market price. This increase is to bear with administration costs, which involve the management of the estate by a company that will have the property always ready whenever there is a change in use (repair, maintenance, cleaning, gardening, etc) . These are monthly expenses, and therefore we must take into consideration this additional cost when choosing this type of purchase..

The idea of fractional property shall not be confused with the figure of timeshare property that was very popular in the 80′s. The differences are:

1. Buying a fractional property is similar to buying an entire property, the owner’s name appears in the documents that guarantee the ownership of a part of that property. It is called ” common tenancy” with other owners. The owner may sell, rent or take a mortgage on that part of the property during the time he has allotted for its use. On the other hand, timeshare property only sells time of use (right of use), instead of selling a property title. The value of this “time” will usually depreciate over time. Instead, fractional ownership on a property, if the market improves, will be appreciated as any other owned real estate.
2. With timeshare, if the managing company is dissolved, the person who bought a right of use, may be at risk. This does not happen in the purchase of a fractional property because shared ownership is independent of the management company.
3. In many type of timeshare, the time is bought in hotel rooms or apartments which may vary each time, because investors are only owners of the time. In fractional ownership, you get part of that home, it will not change.

To sell fractional ownership: If there is no special provision in the contract, the property can be sold at any time and recover the portion of the initial investment (or more if the property has appreciated over time), but usually there is some sort of extra charge. Depending on the terms of the contract, some companies may offer to repurchase the fraction, and others act as brokers and charge a fee in order to sell it privately.

Some fraction contracts are signed for a certain period of time, and after this period all the owners may sell the property, to be divided equally among all of them. It is also possible to start another period with the same conditions, or if a co-owner wants to buy the entire property, he will have preference over any external investor.

Sometimes doubts arise about the purchase of a property…  Why should I buy it if I will not get the most out of it? Here are the advantages of fractional purchase:

* Instead of assuming the total costs of owning a home, divide the cost of furnishing, maintenance, insurance, repairs, security, tax, among all co-owners ..
* The company that manages the property will take care of the maintenance problems, if any, that entails having a second residence ….. when you arrive everything is in perfect conditions ….. when you leave you don’t have to worry either, because the house will be in perfect condition.
* You do not need a large amount of capital invested in it, and you can allocate the rest in other investments.
* An empty house always carries a higher risk, but in this case will be inhabited most of the time
* Owners of second residences, often use as much of the 4-12 weeks per year. Fractional ownership makes the purchase price match with the use that is given to a holiday home.

Property investor show & OPP Live, Excel London Oct 2010

31 August, 2011 No Comments

You make your money When you BUY, NOT When You SELL.

This is one of those phrases that professional real estate investors believe and follow …. and the places with more supply per square meter is at the fairs.

The Property Investor Show & OPP Live was held in London in late 2010. The most relevant facts during this real estate exhibition were:

1 – There was a live auction with more than 200 properties. Even if you previously hadn’t participated in real estate auction, I encourage you to go see one to learn its dynamics, the purchase before and after the auction, the closing of good business, or the rules to perform this type of purchase, etc..

2 – In the English market, and in the international (but in a smaller scale), there is the possibility to “buy fractional”, ie. to buy a part or portion of the entire property. It is a figure that has considerable popularity in a market like the one we have today.

The approach is aimed at the holiday home as an investment. Second home buyers seek homes that require them to give a small down payment, with low building expenses, and few financial risks … but that allows them to benefit 100% from their investment. It differs from multiowners, which means only a right to use the property x weeks per year. (I’ll make a post detailing this type of fractional purchase).

3 – Almost half of the exhibition was dedicated to the international market, with potential countries such as Spain and Portugal for the English market, as well as new destinations to invest, such as Cyprus, Greece, Africa, Egypt, Brazil, Swazi and Turkey (the ones that had great reception in the English market were mainly: Cyprus, Turkey and Egypt).

4 – In particular, Egypt was the guest country, with many product developers offering the best destinations in the Red Sea. Egypt is considered one of the leading emerging markets in the property sector because it is generating great interest from international markets to invest there.

Many of the reasons to invest in Egypt are: good sustained economic growth, cheap labor and land, and a booming real estate market. A great thing is that the RE market is interesting to both, domestic and foreign customers.

Among the advantages of buying in Egypt is the exemption of tax rates:

* The purchase and ownership of a property is exempt from taxes, both inheritance and capital gains.
* The administrative charges, if any, are very low in general.
* There is an estimated return on investment between 5 to 11% depending on the type of property.
* The areas of the Red Sea are the most popular for tourists and the demand for vacation homes is located in Hurghada, Sharm el Shiekh, and Gouda.

* Theoretically, when buying a home it is not necessary that it be registered in the deeds of the property, although the possibility exists if a buyer decides to register his property paying a fee for it.

5 – There were about 130 seminars of about 45 minute each, in addition to the exhibition, with the idea to reflect this continuous change because new markets are opening at the same time, and new creative ways to face sales and marketing are emerging ….. It is said that the money exists, but will exist only for companies that are prepared to give in exchange good business prospects ….. It is also interesting the idea that investments in “passive properties”, for example student apartments or hotel rooms, should be part of investors’ portfolios as investment alternatives.

BARCELONA MEETING POINT 2010

29 August, 2011 No Comments

A Real estate fair that shows a market undergoing a deep transformation

Former Minister of Housing, Beatriz Corridor, opened the show a year ago in company of F. Baltasar, Counselor of Environment and Housing of La Generalitat. This occurred during the time in which President Zapatero was considering to eliminate the Ministry of Housing in his government reshuffle, whose tasks would then be under responsibility of the Ministry of Development led by J Blanco.

The show was hosted in Montjuic showing the large supply of homes available at the time, both first and second-hand homes, as well as store and office space, parking lots, which, as was seen in other real estate exhibitions around the country, were a big chunk of the bank’s portfolio.
The show’s international section had a wide representation from Russia.  There was still a close relationship with the Arab Union for Real Estate Development, and there was a delegation from South American countries, i.e. Argentine and Colombian businessmen looking to find Spanish partners to invest here. In the Symposium, held at the same time, the representatives of Colonial and Morgan Stanley, believed that international investment was starting to show interest in the Spanish housing market, not so much for developers but to create personal wealth, and always at attractive prices … . this was referred to as possible competitors to the Spanish family offices, which were those that had been buying quite much in previous years.

Exhibitions and fairs are generally intended to present to the public and the specialized sector the latest industry trends, showing the existing product supply at the national and international level. That gives a quick overview of; the evolution, market trends at that precise moment and of the future for each particular sector…… But in this case it is very difficult to predict the evolution of the housing market but also the new skills that the job market will demand in the future (either by the changes that new technologies have introduced, or the differences in advertising, or the easy access to foreign markets to both buyer and seller (globalization), or energy conservation and respect for the environment, etc. ..).

It ‘s obvious that the real estate business that will emerge after this crisis, must come with drastic changes, as we currently witness this transformation process. When the market reactivates, it should be more environmentally responsible … To point out; the information about the crisis have proved to be inaccurate as well as the forecasts about the behavior of the economy …. and recovery in Spain seems to me like a snail trail.

A conclusion for the future could be that the new market must be created by all of us all, bearing in mind a greater economic rationality.

Where to buy a property in the foreign market

28 August, 2011 No Comments

Know the reasons why you want to buy and have a list of priorities… these are the most important factors to determine the best places to buy your property

It is not the same to buy a vacation home than to buy a home only for investment purposes …… Due to globalization it is less uncommon to buy a house in foreign territories, especially because purchase prices are usually more affordable than in Spain, or Europe in general. The good climate of Spain made it, for many years, one of the main countries in the Mediterranean chosen by French, English, German, Dutch and Belgians as a retirement destination and also as a place for their second home. Nowadays, due to a stronger €, the Spanish people are those who invest in emerging countries where house prices are still cheap in comparison to the prices that have been paying here in recent years.

1 – In the case of purchasing a vacation home the idea seems relatively simple; to find a sunny place where we can escape to relax. But we must go further and think realistically …. How many times a year and for how long am I going to go?…. Do I need to rent the house when I’m away to cover the maintenance costs? If so, how many months per year should I rent it to break even? It is therefore important to carefully study the climate of the area, with its seasonal cycles, rainfall, hurricanes, etc.
One should know what’s the available budget and the total cost that entails. For example the distance is more important than one might think, because in the long run travel costs add up (shoot numbers if you are thinking about a family…), and can end up being much more expensive. Suppose you choose to invest in Malaysia, where it is relatively cheap to buy a house by the beach. If the trip is expensive or airlines do not have direct flights, then you must make some flight connections, the trip is usually expensive and uncomfortable.

2 – In the case of purchasing a property as an investment purpose, or perhaps to enjoy from time to time, it is crucial to consider which areas are suitable for a capital disbursement and study how the resale market behaves. We must also take into account currency variations and the risk that it adds into the transaction.

If the purchase is solely for an investment purpose, then the distance between the place of residence and country of destination is irrelevant. What’s relevant is to evaluate whether they are regions with a high demand by both nationals and tourists. Finally, you should have the strategy to sell in order to be ready when the time to sell arrives: it is preferable to buy in an area where not only local buyers are active, but an area that has a strong local and international market, which would make a possible sale faster and easier. Such examples may be: Tenerife, Laco di Como (Italy), Orlando (Usa), and cities like Paris or Barcelona, ​​as they are locations with a high demand for vacation rentals. Riskier investors could check out opportunities in countries farther east.

3 – If the purchase is intended to settle/ retire and live permanently in the new country, decisions are perhaps simpler, with valuations such as the climate, cost of living, taxes and quality of life (if so, you must also study the job market or how to meet the needs of a family). You have to see the difference between buying a vacation home or a first residence. Tourist areas have a high demand for a few months out of a year, but the remaining months are almost dead with fewer services that supply the area. You must also assess what kind of winters does the area have.

The Mediterranean coast of Europe, combines a good climate with great communications and accessibility. Traditionally, the most popular countries are Spain, Turkey and Cyprus.

Basic ideas to consider before making a purchase:

* If possible, execute your own market research “in situ”. Ask questions, see different options and look for multiple information sources.

* If rental is important, bear in mind that demand for rentals may differ throughout the year.

* Realize that mortgage conditions, if necessary for the purchase of this particular home, vary widely from country to country.

* Finally, as I previously mentioned, know exactly what’s the purpose of your purchase; this will facilitate what kind of country or property best suits you.

(I) HOMES in China

25 August, 2011 No Comments

The Chinese market is a market in which companies from all over the world will settle sooner or later, there will be a predictable increase in investment in homes and offices from foreigners. The average national wage is quite low to be able to rent an apartment or office space, which is why it is not a common alternative among Chinese people. When comparing both options, purchasing a space seems to be cheaper in the long run.

Here are some interesting legal/administrative details for foreign investors looking to buy a property in Beijing (published on the web spanish.china.org.cn). I am not positive; but I suppose that the conditions of foreign real estate investment in Beijing should be similar to the ones in the rest of the country.

Nowadays, it takes a series of permits and requirements that make this transaction a bit more complicated:

1. If you want to purchase a home in Beijing, you would need to request a certificate to the B. Municipal Public Security Bureau of Beijing, and it is mandatory that you have been working or studying in China for at least a year.
2. Foreign companies or organizations that have branches or agencies in Beijing, must certify in a written manner that the homes bought are used only for their own use, and prove their legal status.
3. In the event that the purpose of the purchase of dwellings is to rent, sale, or for commercial use, investors must submit a certificate showing the operations to be performed, and a certificate proving that the company is legally established in the country.
4. Foreign embassies in China, representatives of international organizations, and individuals who possess a “diplomatic status” must present a document from the Ministry of Foreign Affairs in order to buy a home.
5. In other words, what Chinese want is people who buy a home to live there, not for other purposes. They must buy the asset under their name (which, in theory, would exclude the possibility of purchasing it as a foreign corporation).

Real estate market in china

In conclusion, foreigners may only own a house in the capital, Beijing (China), as a dwelling, without the right sell or rent it. The new regulation that limits the real estate investment requires foreign buyers to show that they have been living in the capital for over a year as a student or for work reasons.

To buy a property for investment or business purposes, an investor must first establish a company and obtain approval from the authorities. The Investment in the sector, the constant increase in house prices and its consequences will be discussed in the next post.

BARCELONETA; a great Real Estate Investment!

18 August, 2011 No Comments

La Barceloneta is one of the four districts that make up the old quarter of Barcelona. Originally, about 150 years ago, fishermen that worked outside the harbor built their houses in this area. The buildings, which at that time were occupied by low to middle class people, clearly demonstrate this fact as they are built in a very simplistic way. Although they cannot be compared with flats and apartments in “l’ Eixample”, with their ornament and uniqueness, buildings in la Barceloneta are generally well built.

At the time these homes were built, builders focused more on maximizing the size of the apartment rather than on its comfort, that is why people say they are noisy, dark and they lack of privacy.

But today, this neighborhood is located in a very attractive area; near the beach and the old downtown, the Born, and with parks and sport facilities nearby.

BARCELONETA has had a remarkable turnaround, because until a few years ago it was an affordable place to live, but during the early 2000’s la Barceloneta experienced price hikes of up to 23%.

One of the reasons was the massive rebuild of homes the area suffered. We are talking about homes of an average of 35 to 50 square meters that have a clear target: young people, mainly foreign (UK and EU), and national.

A potential customer is a person who wants to be by the sea (without the barrier that represents having to take “the Ronda Litoral” to go to the beach), downtown, well connected and with under a cosmopolitan style (W Hotel Barcelona, ​​designed by Ricardo Bofill, Port Olimpic, etc.)..

This stretch is also reaching out to other nearby districts of Barceloneta, such as the Gothic Quarter or El Raval.

If we glance at the relationship price/m² for the year 2005/2006 in Barcelona, ​​we conclude that Pedralbes was the most expensive area, but La Barceloneta, in relative terms, was and is quite expensive, yet accessible to many buyers due to its small sized apartments where very few have a building lift, and usually need to be remodeled. We shall not forget that the smaller an appartment is, the higher the price/m².

The current home owners in this area are usually a mix of old people who have lived their entire life, and national or international investors who have rebuilt the apartments to rent them on a daily, weekly or monthly basis. It’s a business that has been working pretty well during the last few years due to the rotation of tourists visiting Barcelona and who like to be in this area.

La Barceloneta will remain attractive to buyers and investors in the near future, as its urban development is on track to become one of the trendiest districts of BARCELONA

In Costa Rica: Nyesa as the promoter of mega-resort “La Roca” in Puntarenas

12 August, 2011 No Comments

The developer NYESA Valores Corporacion (from the merger of two groups,  Inbesós + Group Nyesa) from Zaragoza, Spain, a year ago signed a financing agreement to build a great tourist project in Costa Rica with an American investment fund that made a €255 million loan, to be disbursed later this month, and amortized over 10 years.

This residential-resort project was scheduled to take place in 2008, but the current credit situation forced the delay. This financing allowed the construction of the first phase of the complex, since the licenses are already in the developer’s hands.

“THE ROCK” will be considered the most important resort in the Pacific Coast of Central America, held in the town of Puntarenas, Costa Rica.

The complex will build 3 hotels (along with Setai Hotel Management Group), a beach club, a fitness center, 1,400 residential villas and condominiums (with the following strategy: the condominiums will be purchased as property, and when the owner does not use it, will be in hands of the resort, who will rent them).

At the time of the housing bubble, the target customer was the Spanish investor. However, they now see  U.S. citizens with high purchasing power as potential customers, and some domestic demand from the country (the company in charge of marketing the project in the US is Playground, specialized in luxury tourism in the US).

NYESA could have modified the initial investment, which was under €600 million, to €1,000 million. The complex expects revenues of $ 1,600 million and an estimated profit of $485 million. (Expansión 07/09/10)

The project includes a 18 hole golf course designed by former tour player Greg Norman. Norman describes the course as unique due to the privileged characteristics of the topography; its rainforest, natural waterfalls, and its breathtaking ocean views. Therefore, “the Rock” should be considered a top class course, with enough qualities to host PGA tour events.

NYESA has focused its efforts on management and development of urban ground, real estate promotions and wealth, diversifying among the hotel industry, office space sector, residences for the elder, shopping centers, and the logistic and industrial sectors.

In older posts, I have talked about the qualities of Costa Rica, and again I describe it as an exceptional country for many reasons; close to 25% of its surface are natural parks with a great biodiversity such as tropical jungles, dense forests, active volcanoes and beautiful beaches in both coasts, which can border the Caribbean or the Pacific Ocean. Its average temperature ranges, in most of the country, between 23 to 27º C. It is also referred to as “the Switzerland” of the Caribbean for its economic and political stability. These characteristics are creating greater tourist demand, and therefore placing the country under the eye of many potential investors.

BRASIL, limits the purchase of Brazilian land to foreign investors.

11 August, 2011 No Comments

Last summer, the Brazilian Government put a limit on the purchase of land foreigners can buy, in order to avoid price speculation as well as the illegal production of biofuels. The government allowed the purchase of a maximum of 100 hectares with the condition that it must be registered.

Biofuels originate from the derivation of biomass, especially created for this purpose, becoming a renewable resource, as a counterpart to fossil fuels. Biofuels have been created to replace traditional fuels, which are harmful to the environment, with the advantages of being biodegradable, environmentally friendly and renewable.

Brazil has discovered that its engine to growth and development is based on executing large infrastructures, investments and technological innovations, which turns it into a great time for promotion and investment.

The real estate sector in Brazil also has its challenges and difficulties such as: the current inflation in land prices, the rising construction costs, and the bureaucratic difficulties in some organs that forbids the entry of international builders and developers. The Brazilian ADMINISTRATION should prioritize the resolution of these issues and thus speed up the international real estate investment. The administration is already working on it, by gradually reducing the required paperwork, which has allowed the entrance of a number of listed Real estate investment companies or REITs and portals that highlight/promote the advantages of investing in real estate in Brazil. As a consequence, the area has increased its value by 30% during 2009, such as Natal or Fortaleza.

There are several real estate developers who personally have told me that they run out of product in a considerably short period of time once it becomes available in the market, and in some cases is sold over planes. Bear in mind that only in the country’s domestic residential market there is a deficit of eight million homes in the short term (e.g, buyers of first residences ), and the fact that Brazil is hosting the World Cup in 2014 and the Olympic Games in 2016, it will cause significant property investments …The opportunity for new investments in infrastructure (roads, bridges, hotels, etc. .) will become available soon, in other words, new business opportunities in the largest economy of Latin America and the 8th world economy, according to World Bank data. Brazil is a stable economy with a consolidated democracy.

Given such a favorable market situation, and features so difficult to find in current times, I recommend that each one of you analyze the information above mentioned and come up with a personal conclusion.

Deka Inm. + 640 Diagonal Avenue = Realia + €145 million

4 August, 2011 No Comments

As I previously mentioned in my post of 03/05/10, the German investment group was bidding for this property, along with other suitors such as Rresf (Fund Managment firm from Deutsche Bank), Metroinvest (La Caixa + Metropolis) and the Asset Managers for the family of Almirall Laboratories and the Costafreda family, founders of Panrico). A year ago from today, an agreement was reached for the sale, according to the company’s information to the CNMV.

This transaction conducted by the German fund Deka Inmoblien Cristalia had extensive media coverage, for being a positive economic announcement. (La Vanguardia, Expansion, Cinco Dias … 08.10). I believe it is of interest to present an overview of this group that carried out the transaction, and that has been for quite a few years investing in the Spanish housing market:

DEKA INMOBILIEN, a member of the German Sparkassen-Financial Group performs a continuous activity in the housing market. It is an investment holding company, owned by over 600 German savings banks. The group has become a leader among German investment funds, and its main investments are office spaces, malls or distribution centers, located in Europe, Australia, USA and South America. (In 2002 acquired the malls “El Triangle”, and “Diagonal Mar” in Barcelona).

DEKA BANK GROUP, has been among the largest providers of real estate funds in Germany. Comprises the companies: DEKA  INMOBILIEN INVESTMENT GMBH, and WESTINVEST GESELLSHAFT FÜR INVESTMENT FONDS MBH. Both companies manage together the fund’s assets with more than 300 buildings around the world. As subsidiary, DEKA INMOBILIEN GMBH is responsible for; the acquisition and transfer of the properties, the management of these assets and all other real estate services, as well as of its development. Along with the department of home loans of Deka Bank, the three companies comprise the real estate division of asset management.
DEKA inmobilien, often invests in completed buildings, which are operating as offices and shops. The transaction of this building in Barcelona, ​​Av.Diagonal, 640 was part of the investment strategy and asset turnover of the group’s business plan, as a sign of quality and liquidity of its portfolio. This property is one of the most representatives of the CBD area, which is the business district of Barcelona.

Building D-640, consists of 9 floors with a leasable surface of ​​28.500 m² of office space and retail space, in addition to 428 parking spaces. It is estimated that the average rental price per m² is around 23 € / m². Currently the building’s occupancy level is quite high (95%).

This was a positive fact that shows the reactivation of the office space market in BARCELONA (Interesting data to bear in mind, not only for FOs, but also for foreign investment funds).

In recent years this group has performed, among others, the following transactions:

- In 2009 Deka bought BBVA’s headquarters at Plaza Catalunya, Barcelona for € 80 million.

- Deka was the promoter of the Jumeirah Port Soller Hotel, 7 *

- Deka sold to Quinlan Private, an Irish investment group, the Diagonal Mar shopping center in Barcelona of  87.000 m² for €300 million.

- Deka sold Pontegadea (Real Estate management subsidiary of Inditex) an office building in Pso. de la Castellana, Madrid.

- Deka sold an office building in Arroyo de la Vega to Criber group for €29 million

- Deka sold a logistics platform in Madrid to Inibsa

- Deka sold an office building in Barcelona to Zara and a private real estate investment group.

- Deka bought the Hotel Meridien in Barcelona

- Deka was also awarded a mall named “The Triangle”, 13.723 m2 and central office annex, Brcelona.