Recent developments in real estate investment trusts in Spain

Víctor García-Vaquero and Irene Roibás

Economic Bulletin, 2020, issue 3/2020, No 26

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.

Keywords: real estate investment trusts in Spain (SOCIMIs); real estate investment trust (REIT); real estate investment; rental housing; real estate assets; house prices (search for similar items in EconPapers)
JEL-codes: D52 D81 G23 R3 R31 (search for similar items in EconPapers)
Date: 2020
Note: Analytical Articles
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