The global value of investment in the three countries grew by 36 percent in 2022, compared to the previous year, reaching the aforementioned 31.7 billion euros, indicates a report by Savills, a real estate consultancy that operates in the Americas, Europe, Asia- Pacific, Africa and the Middle East.
Portugal was the country with the biggest increase, around 67 percent, in the volume of real estate investment registered in 2022 compared to the previous year, reaching 3.3 billion euros.
Spain represented 52 percent of the total (16 billion euros) and had an increase of 39 percent, according to Savills, which predicts a lower volume of investment in this region this year, but still with a better performance than expected for the rest of the continent.
Italy, in turn, registered an investment of 11.6 billion euros, 26 percent more than the previous year.
In 2022, the region of southern Europe also absorbed a greater percentage of total real estate investment on the continent, with 11 percent against 6.0 percent in 2021 and above the 7.0 percent it had recorded on average over the last five years.
The recovery of domestic consumption after the pandemic and greater protection against rising energy prices than in the rest of Europe contributed to these results, considers the real estate consultants.
Cross-border investment reached 18.7 billion euros, 59 percent of the total amount invested in southern Europe and the highest volume ever recorded.
Most of the foreign capital invested in the region came from other parts of Europe (23 percent) and the Americas (15 percent).
According to Savills, market fundamentals will remain strong and attract investors, particularly in non-first-time residential assets.