Subjects
53 Ciencias económicas
5312 Economía sectorial
531203 Construcción
Atractivo financiero de la inversión inmobiliaria en España : las SOCIMIS como vehículo inversor.
Abstract
Este estudio analiza, desde una perspectiva inversora, la situación actual del mercado inmobiliario español y los principales vehículos existentes para desarrollar una inversión inmobiliaria, concluyendo que, nos encontraríamos en un momento aconsejable para invertir en dicho sector. Esta conclusión se apoya en las perspectivas de crecimiento existentes en el mercado inmobiliario español, el carácter diversificador de riesgos y la buena rentabilidad esperada en comparación con otros activos financieros.
En este contexto el gobierno introdujo en nuestro ordenamiento la ley 11/2009, de 26 de Octubre, a través de la cual se dio forma y sentido a una nueva estructura societaria destinada a dinamizar el mercado inmobiliario, facilitar su acceso a los ciudadanos y generar una rentabilidad estable en el inversor. Esta estructura societaria, denominada SOCIMI, es un vehículo que consideramos altamente recomendable para conducir las inversiones de minoristas en este sector y nos ha llevado a concluir este análisis con una recomendación de compra sobre ellas. Para ello, ha sido necesario estudiar las ventajas y desventajas de la SOCIMI frente a las alternativas de inversión directa y en otras sociedades inmobiliarias cotizadas.
This report analyses, from an investment perspective, the current situation of the Spanish real estate market and the main financial vehicles that a particular could use to invest in this sector. We have concluded that Spain is facing an advisable situation for investing in its real estate sector, as a result of the positive prospects of this market, its diversifier character and the profitability that it offers in comparison to other financial assets. In this context, the government adopted the law 11/2009 of October 26 and introduced a new corporate structure in order to reactivate the real estate market, facilitate its access to particulars and encourage the profitability of general investors. We consider that this corporate structure, SOCIMI, is a really interesting financial vehicle for managing investments in this sector. Our report, after having compared the advantages and 6 disadvantages of SOCIMIs against direct investments and other listed real estate firms, concludes by giving “buy” recommendations on SOCIMIs.
This report analyses, from an investment perspective, the current situation of the Spanish real estate market and the main financial vehicles that a particular could use to invest in this sector. We have concluded that Spain is facing an advisable situation for investing in its real estate sector, as a result of the positive prospects of this market, its diversifier character and the profitability that it offers in comparison to other financial assets. In this context, the government adopted the law 11/2009 of October 26 and introduced a new corporate structure in order to reactivate the real estate market, facilitate its access to particulars and encourage the profitability of general investors. We consider that this corporate structure, SOCIMI, is a really interesting financial vehicle for managing investments in this sector. Our report, after having compared the advantages and 6 disadvantages of SOCIMIs against direct investments and other listed real estate firms, concludes by giving “buy” recommendations on SOCIMIs.
Información detallada
Materias, derechos, colecciones e identificadores
Keywords
Sector inmobiliario, Inversión directa e indirecta, Rentabilidad, Riesgo, REIT, SOCIMI, Ley 11/2009, Revalorización, Precio, Renta, Crisis financiera, Crecimiento, Volatilidad inmobiliaria, Diversificación., Real estate sector, Direct and indirect investment, Profitability, Risk, REIT, SOCIMI, Law 11/2009, Revaluation, Price, Rent, Financial crisis, Growth, Volatility, Diversification.