Fincas Corral, one of the leading real estate consultancy groups in Spain, has closed half of its offices in the country so far this year, according to an article on Thursday in Spanish newspaper Cinco Dias. The property advisor said the move marked 'an adjustment' to the current situation of the Spanish real estate sector. The consultant has closed 170 offices out of a total of 350, and currently has 180 offices left in the country. Fincas Corral started closing offices last April, Cinco Dias said.
Fincas Corral, one of the leading real estate consultancy groups in Spain, has closed half of its offices in the country so far this year, according to an article on Thursday in Spanish newspaper Cinco Dias. The property advisor said the move marked 'an adjustment' to the current situation of the Spanish real estate sector. The consultant has closed 170 offices out of a total of 350, and currently has 180 offices left in the country. Fincas Corral started closing offices last April, Cinco Dias said.
The Spanish real estate market has slowed down significantly in the past half year, and local property companies are increasingly looking for investment opportunities outside their home country. According to research by real estate advisor DBK, Spanish property firms generated a record EUR 3.05 bn in turnover abroad last year, compared to just EUR 70 mln in 2002. The National Statistics Institute said on Wednesday that Gross Domestic Product (GPD) growth in Spain was down to 4% year-on-year in the second quarter of 2007. Investment in the construction sector is decelerating as demand for new houses decreases. Investment in new development fell to 4.8% in the second quarter of 2007 from as high as 15% in the recent boom years.
