Investors look to Latin American property market
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With conditions worsening in the property market in Spain, a number of Spanish developers are turning to emerging economies as they consider where to invest.
One of the top destinations is Latin America, according to Business24-7.ae.
"Spaniards are the second largest investors in Latin America, just after the United States and there is no doubt [that] large construction companies and real estate funds of Spain are looking closely at other markets at this time," Frances Reynolds, president of Reynolds Ventures, told Emirates Business.
This comes just as Ithmaar Bank, based in Bahrain, has decided to lead an investment of up to $2.5 billion (£1.26 billion) in property in several South American countries, including Venezuela, according to Gulf Daily News.
Khalid Abdulla Janahi, chairman of the bank, said that the stable economic conditions seen in Latin American over the past few years have created "significant opportunities" in the property market.
He added that the region's real estate has witnessed "unprecedented growth" in recent years and that the planned investment is expected to result in a 20 per cent annual return.
"The continued growth of Latin American economies and the stability that has increasingly become associated with it have no doubt helped attract the developers and investors to these markets.
"With the gains to be made in high-end touristic developments, projects such as Caracola Beach and Spa on Isla Margarita are leading the way with regards to continuing the trend of investment in this region," Matt Legg, Emerging Earth.
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