Neinor Homes, one of the largest listed housing developers in Spain, assures that limiting home purchases to non-resident non-EU foreigners that Sánchez announced today “will not have a significant impact” for the company since these They only represented 2% of 2024 sales.
This is what the promoter led by Borja García-Egotxeaga explained in a statement to the CNMV, after see how its shares plummeted throughout the afternoon today by 7% on the stock market after the announcement of the different housing measures that Sánchez has presented to stop the rise in prices.
Before this announcement Neinor was at daily maximumclose to 16.8 euros per title, and finally the promoter closed the day at 15.56 euros, which reflects a drop of 6.94%.
With this announcement the promoter reacts to one of the star measures launched today by the President of the Government, which consists of “increase up to 100% the tax rate that non-Europeans who do not reside in our country must pay when they buy a house in Spain, prioritizing that the available homes are for residents,” Sánchez detailed.
“In 2023, non-residents from outside the EU bought 27,000 houses and flats. Not to live in them, they did it mainly to speculate. To make money with them. Something that in the context of scarcity that we are experiencing, we cannot afford,” stated the President of the Government.
For its part, the promoter points out that 90% of the sales were carried out by Spanish citizens, while 8% corresponded to citizens of the European Union or non-EU residents and only 2% were non-resident non-EU foreigners.
Therefore, “society does not foresee that these measures will have a significant impact in Neinor, since he considers that housing demand is strong enough so that any possible fall in the segment of non-resident non-EU foreigners is offset by other types of buyers.
Likewise, the company has stressed that “at this time both the final regulation and the definitive scope of the measures and the deadlines for their implementation are unknown.”
“At Neinor Homes we reaffirm our firm commitment to the development of the Spanish real estate market, actively contributing to meeting the growing need for housing in the country,” says the company, which highlights that “at a time when Spain requires real and effective solutions to guarantee access to housingwe promoters play a key role as part of that solution. Therefore, we will continue to promote the construction and delivery of new homes, providing sustainable and quality options for everyone.”
Blow to the socimis
The listed companies that will be affected by the Government’s measure are the residential SOCIMIs, since Sánchez once again focuses on the Listed Real Estate Investment Companies, in order to solve the problem of access to housing. The Executive will change the tax advantage regime for these vehicles investment so that it only applies to companies that manage affordable rentals.
The measure will only have an effect on SOCIMIs in the residential sector, so those that invest in offices, shopping centers or data centers, as is the case of the listed Merlin Properties and Colonial, will not be affected.
“We must put an end once and for all to this injustice, which is that some investors use this instrument to pay less taxes than ordinary citizens when buying the same home,” said Sánchez.
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