Iberia: Remodelling the real estate market
The Bill introducing the long-awaited Sociedades Cotizadas de Inversion en el Mercado Inmobiliario (SOCIMIs) in Spain - similar to the UK's Real Estate Investment Trust (REITs) - was finally passed on 26 October 2009 after a complete change in circumstances resulting from the real estate crisis. Although the Spanish Government has been heavily criticised for not introducing REITs when the real estate market was at its peak, some experts consider that the introduction of SOCIMIs could be the appropriate incentive to restart the Spanish market.
With the real estate market currently frozen, the Spanish Government is hoping its new SOCIMI bill will kickstart the sector. Diego Armero Montes and Alejandro Fernandez de Oliveira investigate how real estate companies are adjusting
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