FY23 was a good year for the Living Sector in terms of investment volume. Of the total amount invested in the Spanish real estate sector, living sector represented 27% (c. €3.0 billion, including BTS, BTR, Flex Living, Student Housing and Senior Living).

Prime yields remained stable throughout the year: as of Q4 2023, yields increased by 15 b.ps. in Madrid reaching 3.90%, and slightly decreased in Barcelona reaching 4.10%.

The sale and purchase market proved to be strong, reaching c.470,000 transactions in the Spanish market in the first 3 quarters, predominantly influenced by international buyers. Furthermore, residential property prices experienced remarkable growth rates, with an increase of 4.5% recorded as of FY23.

BTR segment still exhibits robust fundamentals:

• Investment volume reached c. €1.9 billion, positioning as one of the preferred asset classes for investors, increasing c.30% vs. FY22.
• Prime yields have increased c.30 b.ps. vs. FY22, reaching 4.10%.

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