Browsing by Subject "Sector inmobiliario"

Now showing 1 - 2 of 2
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    Open Access
    Real estate industry takeover bid patterns: Spain, a case study
    (2017) González-Arias, Julio; Arguedas-Sanz, Raquel; Martín-García, Rodrigo
    The upward of the Spanish real estate sector (2000–2007) caused the excessive growth of many companies mainly through acquisitions. This study aimed to identify behaviour patterns for takeover bids in the Spanish real estate industry, which was particularly hard hit by the last financial crisis. Considering that in bubble growing/burst periods, economic and financial variables are considered the most useful measures (market variables can have reliability problems), a set of 20 economic and financial variables was analysed, along with their relationship with listed companies’ participation in this type of operations over the period 2000–2012. Both acquiring and target companies were included in the 354 cases studied here. A two-stage methodology was used. Firstly, the principal component method was applied to identify the variables with greatest explanatory capacity. That was followed by the construction of a decision tree-based predictive model, more specifically a CHAID, which categorised the set of companies analysed to establish behaviour patterns. The findings of this study show that the five principal components found to afford the greatest explanatory capacity were: (a) liquidity, solvency and borrowing capacity; (b) size; (c) economic performance; (d) operating capacity; and (e) financial performance. Taken together, the first two components explained 70% of dependent variable behaviour, primarily relative to buyers. Overall, the model proposed explained on the order of 80% of dependent variable behaviour. The percentage not explained by the model was attributed essentially to strategic issues, financial speculation and private interests, among other factors present in decision-making
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    Publication
    Open Access
    The property sector in Spain. Evolutionary analysis, current problems and difficulties for its development
    (Universidad de Granada, 2020-02-20) García Marín, Ramón; Serrano Martínez, José María; Espejo Marín, Cayetano; Geografía
    In this paper we first analyse the housing stock in Spain (new and pre-owned). We outline the political model of housing in Spain, highlighting the differences in its main stages and inquiring into the causes that have contributed to the current housing surplus. We then analyse the differ ent aspects that explain why the housing market seems lethargic and likely to become problem atic (population evolution and number of households, perception about purchasing residential properties as a business, etc.). We delve into information concerning the historical evolution of the Spanish housing stock and changing patterns of housing use via data provided by the statisti cal services of the Spanish Ministry of Development and the National Statistics Institute (INE). The current complex reality of the housing market in Spain is not coincidental, it is rather the result of a long period (more than half a century) of policies supporting increased housing con struction. Spain’s dwindling and progressively aging population will jeopardise the net creation of households and housing demand. Given the global situation of the housing market in Spain, it can be said that there is an the end of a prolonged cycle of housing construction favoured by particular housing policies.