22% of Barcelona Meeting Point visitors are looking for rental flats
- According to a survey by Servihabitat, BMP visitors have become increasingly interested in rentals, with a jump from 8% of those surveyed in 2014 to 22% in 2015
- 68% of BMP visitors surveyed prefer to buy
- 26% of visitors surveyed think that the market has already hit rock bottom, and up to 47% think that prices will increase in the next two years
For the second consecutive year, Servihabitat surveyed more than 500 Barcelona Meeting Point (BMP) visitors to reveal the interests of attendees at the real estate fair in order to analyze changing opinions, needs, and trends in demand.
Although BMP visitors still prefer the option of buying a home, the number has dropped from 85% in 2014 to 68% in 2015. On the other hand, rentals are gaining ground among those surveyed. In 2014, only 8% of visitors showed interest in renting, but the number rose to 22% in 2015. Even the appeal of renting with an option to purchase has grown, and 10% of those surveyed this year showed interest in this alternative, compared to 6% in 2014.
In line with the conclusions of the recent report titled “Residential Market in Spain. Current situation and prospectives,” by Servihabitat Trends, this option has become increasingly popular among Spaniards in the past few years. The report states that the number of rentals could increase in the coming months, so the rental market is expected to continue to expand, particularly among younger people who are entering the housing market for the first time.
About 40% of those surveyed attended the fair to buy or rent their first home, and 59% were interested in existing homes while 41% were focused on new construction deals. 33% of visitors were interested in an upgrade home, that is, they have already purchased their first home and want to replace it with a larger one, or they want to improve on their existing home or move to a different area.
14% of visitors attended the event in search of a vacation home or a second home, which is higher than the figure for 2014 (8%). Lastly, the percentage of attendees surveyed who were primarily interested in buying as an investment remained the same (13%).
The time frames were similar to those identified in 2014. Most of the attendees surveyed (46%) have been searching for less than three months, 38% intend to buy or rent in the immediate future, and 31% intend to do so in the near future (three months).
As far as the perception that BMP attendees have of the current real estate market, 26% of those surveyed think that the market has already hit rock bottom. The percentage of those surveyed who believe that prices will begin to grow in the next two years has doubled compared to last year (47% in 2015 and 24% in 2014). In addition, fewer attendees believe that property prices will continue to drop (36% in 2014, compared to 12.5% this year). In this regard, the aforementioned Company report expects a 2.6% increase in the average value of residential transactions this year, followed by a 6.3% increment in 2016.
Among those surveyed, of the most common formulas for finding a property, the Internet is at the top with 64%, although this number has dropped since 2014 (86%). In turn, real estate agencies and API partner agents have gained popularity as alternatives in the property selection process (23.5% in 2015, compared to 10% in 2014). About 12.5% of those surveyed prefer trade fairs, special events, or other channels.
Servihabitat, which designed the survey and is an independent servicer for the management of real estate and financial assets, presented attractive deals at the BMP, including "Unbeatable advantages for irresistible flats” for residential purchases, a wide range of off-plan developments, and innovative solutions to help business owners and entrepreneurs buy and rent business premises, industrial warehouses, and offices via the campaign titled “The perfect space for your business.” All of this has generated interest in buying and renting, thereby strengthening the Company’s leadership position in the area of sales as well as the management of rentals.
In addition, Servihabitat has an extensive regional presence and a large network of almost 8,000 points of sale, of which more than 2,000 are API associated real estate agents. The Company also has a strong online presence thanks to the commercial website www.servihabitat.com, which the digital audience ranking by the independent Company ComScore positions as the top real estate servicing website on the market.
Technological and operational independence
Having a proprietary operating model, that includes a scalable and flexible technological platform based on a specific development that is fully suited to financial and real estate environments, gives Servihabitat a unique level of management independence in the market, and this allows the Company to perfectly adapt, in terms of time and effectiveness, to any client's information services.
In addition to this technological platform, Servihabitat has a highly qualified professional team, an innovative model that adapts to customers' needs, and more than 25 years of industry experience. This strengthens the Company's dominance and leadership among operators that manage large loan and real estate property portfolios.
Servihabitat is the leading servicer offering comprehensive management of mortgage and development loan portfolios, as well as of real estate assets. More than 25 years of industry experience and the high number of assets it manages consolidate its position as the industry leader.
A highly qualified professional team and a proprietary technological platform provide Servihabitat with an independent and differentiated operating methodology that is capable of meeting every need in the management cycle of financial and real estate assets.