Political instability threatens the revival and already passed Bill in Madrid with the building Spain as a possible first ‘ dropped’
“If the current situation continues, the potential investors will be disoriented and, When in doubt, they will rush”
The foundations of the incipient housing recovery have begun to crumble by the building Spain, in the very heart of Madrid. The posible y precipitado portazo (There is no official confirmation) the Wanda group to the ambitious project put in evidence, in the eyes of the world, the capital - and Spain as a whole- is an attractive investment destination.
Regardless of the departure or otherwise of Chinese Tycoon, the raised dustIt has opened the doors of wide scope and campe to uncertainty at home by real estate, including the promotion of new homes. The negative effect of the released message is already created and the eaves are millions of euros of investment and jobs, both the building Spain and the rest of future projects.
The probable espantada in the company of Wang Jianlin, China's richest man, ha sido vista por expertos y agentes inmobiliarios como el first business and political disagreement de los que podrían estar por venir. Above all, in the city of Madrid, where the new municipal corporation, presided over by the Mayor Manuela Carmena (Now Madrid), It has been reluctant to initiatives related to the brick. For the moment, This política municipal urbanística e inmobiliaria, directly derided by voices of the sector ashighly interventionist, already it is capturing in mishaps and slowdown of recognized residential developments and urban projects of great magnitude.
The unstable local situation that exists in the capital, highlighted as the main engine of real estate recovery, must be added, on the other hand, theimprevisible futuro político a nivel nacional that draws the new Congress and theCatalonia independence challenge. Todo en su conjunto da como resultado un cóctel impredecible y que sitúa al sector inmobiliario, dependent exceedingly large investments, as one of the biggest losers. It leaves him in a confusing position and little security for actors, promoters and investors for both the homebuyer of a foot.
These sombras de incertidumbre que se ciernen sobre el sector inmobiliario, with the Colossus of building Spain as first cloud, They also come at a critical time. Once the market lived their punto de inflexión in 2014 tras pasar página a una aguda crisis posburbuja y comenzara su resurgir in 2015, 2016 estaba llamado a ser el año de la consolidation, as previeron the previous number of your housing experts “If the political situation allowed it”, puntualizaban. Now, This warning seems to be taking shape.
“Political uncertainty always affects the investment, Since the money is very funky”, avisa Miguel Cordoba, Professor of financial economics of the Universidad CEU-San Pablo, watching everything that is happening. “The predictable ungovernability statewide, together with the catalan problem, They provide a pretty difficult year. Después de las inversiones realizadas en 2015, the money is expectant y si no se aclara el horizonte no es normal que entre como el año pasado”, explains.
It points to the same line Manuel Romera, Director of the Financial Sector of the IE Business School: ”Real estate is one of the major levers of economic value y la política debería entender que las macrooperaciones no sólo son una demanda de capital foráneo para nuestro país, but a great visibility of the Spain brand”. In his opinion, “the policy should be to help and the Town Hall, in your case, not only to encourage you to make these operations, but it should recuestionar the tax costs, as the IBI or different local rates”.
Viewing the current situation, Cordoba has clear that “they are not going to carry out major projects in Madrid” as the Chamartín operation. “At least”, Specifies, “as it had been conceived”. “Overall, investors will think it much because brick investments are long term and if there is no clear legal security, is not reversed”, stresses. “It is not known, for example, What will happen to the IBI for local offices or malls, que puede tener subidas significativas. If there is legal uncertainty, not worth the risk. No merece la pena comprar el suelo por un precio alto si luego no está garantizado el uso y el coeficiente de edificabilidad”, manifest.
on the other hand, ”geopolitically speaking”, Cordoba recalled that “There are in additionmany other threats on the horizon, as the collapse of china's economy (with the stock market crisis as a main reflection) and the collapse of emerging markets and raw materials”. In your view, These global problems “they assume that no more investment and, in some cases, can it be desinvierta”.
Seeing what is happening already in Madrid, with many of the real estate projects and large urban projects at idle or practically paralyzed, Cordoba makes un llamamiento claro a los políticos, those who have the last word: “You learn from their European counterparts, you talk, to negotiate on the basis of a common programme and let give the ego”. Thinking of the catalan problem, as a brake in the long run of investment for Spain, It advocates the coherence and that State rupture are not encouraged.
“If the current situation continues, the potential investors will be disoriented and, When in doubt, they will rush”, alert Cordoba. Hasta el momento parece no haber una voluntad política generalizada para revertir el rumbo. See what's happening with the building Spain.
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http://www.elmundo.es/economia/2016/01/15/5697d91ee2704e29368b461d.html