Greendex, an added value for our costumers

One difference between our company and the rest of the sector is the importance we give to innovation. For us, betting and investing in innovation is an added value to our services and, therefore, directly affects the satisfaction of our customers.

In these moments, taking advantage of the proximity of the Barcelona Meeting Point to make the presentation, in Amat we bet on a new innovative concept: the GreenDex index.

Green spaces have been the focus of numerous studies that demonstrate that contact with natural environments is related to health and well-being of people and confirms that it can improve it. The existence of green areas improves the capture of CO2, which affects environmental health, mitigating the air pollution of cities and, in addition, provides a lower energy consumption. This is why housing location is where to put the focus of attention as it influences many aspects at a vital level.

GreenDex is an indicator of the amount of green areas surrounding homes. For all in the light of above, it is a very important tool at the time of deciding to acquire a property. On the other hand, in addition to the amount of green, it is important to know the quality of it.

Therefore, the GreenMap system will provide our customers with the visualization of the quality of the vegetation around their future home.

As we said, having this visualization is an added value for the user and, from now on, both can be consulted on our website.

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New trends in Real Estate market

On this mail find attached here our Real Estate Market Report of 1st semester where we explain how the real estate behaved, always based in our data and operations. Now I would like to forecast the trends for the next months in Barcelona and its outskirts:

Rental prices stability

Since the beginning of this year we have very clear that prices, in a certain way, have reached the top. We have been saying it a long time ago; prices are related to salaries and when a family has to invest 40% of it in renting a property indicates that limit is reached. That happened in the end of 2017.

Rental resignations before contract expires grow

It is curious to see how, many times, media says that the most of tenants have important issues for rental renewals, but it is not like that in our company, and it doesn’t mean our clients are much different from others. We can assure that an important number of tenants resign before the expiring date, which are about 50% aprox. We have been very interested in knowing why clients resign before expiring date and we have discovered 2 basic reasons: because clients buy a property or they can’t assume the rental cost.

Sell trends slow down

It is true that this year we’ve been selling a lot, with a good rhythm; developers have raised prices and we keep selling the same. But this trend has changed in the last months. We sell well, slower though, but that is not a bad thing. We have always thought that encompass it with markets is a must. We can’t forget that sell prices are related to debt capacity through the mortgage and this capacity is leaded by salaries and, in our country, salaries only rose a bit.
Due to this behaviour, we are surprised of some market stakeholders’ answers when asked about scope for price increase answering that there is still room to reach prices of 2007! As it was the axiom! We understand prices will rise until potential buyers could not afford it, because we are sure that financial entities will be more careful tan before crisis.

Lot of owners and property investment funds interested in properties for rental purposes

Many years ago we haven’t seen so much interest in rental promotion, and that’s positive. The market is lack of rental properties. We are still far from European Standard. Every time it is announced that a new company is coming to set its HQ in Barcelona – mainly of the Technology field- which means to settle many workers from abroad, we ask ourselves: where are they going to live?

There’s a need of quicker public policies than since now and, most of all, it is necessary to facilitate private investments in rental market with guarantees and juridical security. We must change the vision of private funds as simply speculators and seeing them as possible partners.

We would see right there would be tax benefits for owners who make a rental contract for more than 5 or 10 years, etc. Surely with this type of contract we would solve the problem that no one talks about: the problem of the owners of flats, with pensions and increasingly smaller incomes, to which selling their property and renting would be a very good option. They only need to have the opportunity of long-term contracts, which does not force them to fear for the future.

As usual, approaching the local elections, making works and inaugurations is a non-stop. This trend is historical but it keeps surprising us.

Immaculada Amat

Amat Immobiliaris Chairwoman

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What’s the difference between valuation and appraisal?

In many cases there is a confusion between what is a valuation and an appraisal, especially when we want to buy or sell a property. Although both actions serve to know the value of a property, there are substantial differences that we believe should be defined. Do you want to know the difference between valuation and appraisal?

Mainly and, summarizing in a few lines, the main difference is its legal value.

Valuation

The most important characteristic of the valuation is that it establishes the value of the property in an indicative manner without having to visit the property. The cadastral data of the same already offer their objective value. Therefore, there are online valuations that simply filling a form determine its value. By not complying with a regulated procedure, they lack legal value.

Appraisal

The appraisal, on the other hand, is a legal certificate for the valuation and is made with a specific methodology that complies with the legal regulations. It must be carried out by a certified architect or technician, who assigns a value to the home by means of an official objective scale (ECO / 805/2003).

Knowing this, the client will make a valuation or appraisal depending on their needs. Generally, the valuation is carried out on a regular basis to sell the property while the appraisal has other purposes.

The appraisal we need to do to apply for a mortgage, for the distribution of a hacienda or distribution of goods.

So, if we need to know the value of the property in an official way, an appraisal will be necessary, if we want to know the value on a personal level, we will only need an appraisal.

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The digitization of the real estate market

Digital technology is already a fact in 83% of companies in the real estate sector although more than 90% believe that this is a major challenge, although they do not apply the necessary technology to introduce digitalization in their businesses which, in this case, they are traditional companies that are considering the step towards innovation in their processes. And this fact is not motivated because the real estate refuses to accept the change, but in many cases it is a deeper problem motivated by the lack of digital professionals in the field and the ignorance of new technologies.

Unlike traditional companies, the well-known PropTechs invest about 45% in technological development, while it is only 5% of the annual budget that the “classic” companies invest, also taking into account that at the moment the PropTech have a lower business volume.

Investment in PropTech

According to the Finnovating report, over the last few years investment in PropTech has grown considerably and predictions suggest that investment will continue to grow. The perspectives of workers grow up to 96% in relation to the approval of the future of these types of companies and the sector in general. In the same survey, conducted by FTI Consulting, it is noted that 64% of respondents believe that the PropTech sector is close to experiencing great growth.

Big Data and digitalization

One of the most relevant aspects of digitalization is Big Data, essential to be able to take the step to digital in 100%. This is one of the most relevant trends in the sector although in Spain it is very far from other countries such as the United States, where investment stands at 49%, being at the first place, followed by China (26%) and others such as India or United Kingdom.

The Spanish profile

When we talk about PropTech in Spain we are describing a startup founded between 2010-2017 with a staff of between 1 and 10 employees, based in Madrid or Barcelona. This business structure has grown in the country during the last twenty years and has been more pronounced since 2014.

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Information from Finnovating Report

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Up to 20% more expensive living in a trendy neighborhood

Up to 20% more for living in a trendy neighborhood is what you will have to pay if you do not want to settle in a “regular” neighborhood.

According to a recent real estate study, the interest in the most fashionable neighborhoods increases the purchase prices of the area between 5% and 20% depending on the reasons why it is a requested neighborhood.

In the case of Barcelona, ​​for example, we are talking about neighborhoods such as El Born, Sant Antoni or Ciutat Vella. These examples of classic neighborhoods with a lifelong neighbours, are being transformed by the appearance of new buyers who seek the authenticity of the area both for the environment and the architecture of housing. Reformed or ready to reformed apartments are really sought-after with  the aim of maintaining the essence of what is historically found in the area.

This growth of interest obviously increases the prices requested by the owners at the beginning, both for purchasing and renting. At the end it is the rules of  supply and demand market.

The new profile of the buyer is a good advantage. Young families or couples and students who want to enjoy emblematic neighborhoods of large cities and have the means to do so. These new buyers and / or tenants rejuvenate these areas, which are often aged due to being old owners or tenants of old rent.

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