South African real estate companies are starting to look for opportunities in Spain, with the Eastern European property scene having become saturated with investors. The Spanish economy is a standout performer in Europe, having grown 3.2% in 2016, largely helped by an improving tourism industry. A recent European investment attractiveness survey by advisory firm EY ranked Spain as the fourth most attractive market after the UK, Germany and France. Vukile Property Fund announced in May it had bought 86.89% of the shares of Castellana, an unlisted Spanish real estate investment trust, for R193m, becoming an early mover into the country. Garreth Elston of Golden Section Capital said he favoured Spain over the UK as a property investment destination. Spain’s growth was centred in certain cities as was the case with other strong European economies. "The Spanish economy has been very consistent over the past few years. There is steady job creation and the current account balance has been ...

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