Spanish commercial property returns recover

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Commercial property made double digit returns in Spain last year, the first year in which this occurred since 2007, according to data published by IPD.

The IPD Spain Annual Property Index suggests a 10.1% total return in 2014 from Spanish commercial property, a rise from 0.3% in 2013. In 2007 the figure was 12.4%.

The latest annual return puts commercial property ahead of domestic equities, which returned 8.9% over the same period according to the Spain MSCI index.

Capital growth of 4.2% represented a significant turnaround from the negative return of -4.9% seen in the asset class in 2013. Income return was 5.6%.

The IPD Spain Annual Property Index measures ungeared total returns to directly held standing property investments from one open market valuation to the next. The index tracks performance of 400 property investments, with a total capital value of €11.5bn as at December 2014.

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