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Tinsa sponsors the RICS Annual Valuation Conference in Spain

The **RICS Annual Valuation Conference** brought together more than 200 professionals in Madrid on 4th of July to discuss and analyse the latest trends in real estate and the challenges and opportunities in the field of valuation.

**Tinsa Spain** was the main partner of the event, where it was represented by **Belén Dávila**, director of RICS Value & Advisory Services, who participated in the panel discussion on the residential sector.

The event, which confirmed that a new Red Book will be published in 2025, brought together leading RICS professionals and companies to discuss the market situation and outlook in the different asset classes, the major challenges facing the valuation business and the roles of ESG and technology.

During her speech, Belén Dávila discussed the situation of the residential market together with Pilar Jiménez Iniesta, Head of Research Idealista Data; Raquel Bueno, ESG Director of Metrovacesa, and Jesús Mateo Gómez, Managing Director of Savills.


Bronze for on-geo

Persch Consult obtains the EcoVadis Gold Medal

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It's clear: companies need effective sustainability management to minimize the negative impacts of their activities on the environment and society. At **on-geo**, we also place great importance on improving our sustainability performance and thus making a positive contribution to future-proof and ethical supply chains. This is precisely where CSR (Corporate Social Responsibility) ratings come into play.

**EcoVadis** is now the world's largest provider of sustainability ratings for global supply chains. Founded in Paris in 2007, EcoVadis assesses over 130,000 companies in 175 countries worldwide – and on-geo joined this year. The EcoVadis rating examines 21 sustainability criteria in four areas: **environment, labour and human rights, ethics, and sustainable procurement**. The criteria are based on international standards such as the ten principles of the UN Global Compact, the conventions of the International Labor Organization (ILO), the Global Reporting Initiative (GRI) standard, and the ISO 26000 standard.

The assessment methodology aims to measure the quality of a company's sustainability management system based on three management pillars: policies, actions, and the reporting of results and key performance indicators (KPIs). This concept is based on the PDCA (Plan, Do, Check, Act) cycle, which forms the foundation for many management systems worldwide. Using a questionnaire that takes into account a company's industry, size, and location, information and evidence on sustainability performance are collected and analyzed. The assessment result is communicated via the scorecard and remains valid for twelve months.


Overall, we achieved 63 out of 100 points in the initial assessment in 2024, placing us in 81st percentile. By comparison, other companies in our "Information Technology Services" sector received an average score of 53 in 2024. EcoVadis' overall assessment also shows that on-geo is among the top 13 percent of assessed companies in this sector. We performed particularly well in the areas of environment, labor and human rights, and ethics, compared to our industry: **60 points in the environment, and 70 points in labor and human rights, and ethics**. However, in the area of "Sustainable Procurement," on-geo only achieved the rating "incomplete." This corresponds to the modal value, i.e., the number of points awarded most often to companies within this category.


The achieved percentile (81st percentile) means our score is equal to or higher than 81 percent of the companies participating in the EcoVadis rating, meaning only 19 percent performed better. This immediately earned us **Bronze**, placing us among the **top 35 percent** (65th percentile or higher) of all companies rated across all industries over the past 12 months.

Another important part of the rating is the so-called "360° Watch" results: These contain relevant public information about a company's sustainability practices, compiled from more than 100,000 data sources (including NGOs, the press, and trade unions). The results are incorporated into the assessment and can have a positive, negative, or neutral impact on the score. Our 360° Watch result was **without any anomalies** and was therefore **rated as good**.

For us, the EcoVadis rating is an important tool for illustrating, reflecting, and evaluating our sustainability performance. Above all, our achieved percentile ranking demonstrates that we are significantly above average in terms of environmental protection, social responsibility, and ethical corporate governance. This positive sign motivates us to continue improving and to continue to focus on sustainable business practices in the future.


Partnering with MITERD to launch Spain’s first national energy efficiency certificate database

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**Deyde DataCentric**, a Spanish technology company specialized in data quality, geolocation, and information validation and enrichment, and a member of the group, has signed a collaboration agreement with the **Ministry for Ecological Transition and the Demographic Challenge** (MITERD in Spanish) for the design, development, and implementation of a unified national database for Energy Performance Certificates (EPCs) in Spain.

This cooperation agreement between Deyde DataCentric and MITERD will allow the creation of an efficient system of shared and updated information to know exactly the energy situation of the residential stock and facilitate the control and identification of deficiencies and possible errors in the EPCs.

'In addition to our experience in database management, validation and enrichment, we will contribute our knowledge of energy consulting and the housing sector, which comes from being part of the Tinsa Group. Deyde DataCentric has developed the algorithm for modelling energy performance certificates that enables Tinsa to catalogue the energy efficiency level of every house in the country'

Deyde DataCentric will be responsible for designing, building and implementing this single database of validated, corrected and enriched energy certificate information at the property cadastral reference level during the 4-year contract.

“In addition to our experience in database management, validation and enrichment, we will contribute our knowledge of energy consulting and the housing sector, which comes from being part of the Tinsa Group. Deyde DataCentric has developed the algorithm for modelling energy performance certificates that enables Tinsa to catalogue the energy efficiency level of every house in the country," explains Deyde DataCentric.

Supported by this technological expertise and its energy and real estate consultancy, Deyde DataCentric will be responsible for enriching and validating the information in the registers of the Spanish Regions updated data from additional public sources and with information exclusively owned by Deyde DataCentric.

This public-private partnership initiative will improve the quality and structure of information on residential energy efficiency in Spain. By validating that the information on the certificates is consistent and meets the technical criteria, it will provide a true aggregate picture of the energy situation of the housing stock. This transparency is essential to promote public policies that help citizens improve the energy efficiency of their homes, in line with the objectives set by Europe,' the company explains.

Deyde DataCentric will also provide the technological infrastructure in the cloud under the main international information security standards, as it has the prestigious ISO 27001 certification from Aenor.


Tinsa IMIE Spain local markets Q2 2024

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Inisghts & Publications

Residential prices rebound slightly in the second quarter within an environment of stabilization. The Tinsa IMIE Local Markets statistics for the second quarter put the increase in the average value of new and used housing in Spain at 0.5% quarter-on-quarter, compared to the 0.1% recorded in the previous quarter. Year-on-year growth remains moderate at 3.1%.

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Spanish shore housing report 2024

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Shore housing 2024 report

Explore the keys to the coastal real estate market in Spain with Tinsa's Shore housing 2024 report. This essential study will allow you to understand the current trends in prices, supply and demand in the main coastal areas, revealing opportunities and challenges in the context of constant change.

With updated data and in-depth analysis, this report addresses the impact of foreign investment, domestic buyer preferences and how pricing dynamics are shaping the second home market. 


on-geo Days 2024 – the event of the year attracts nearly 400 participants 

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More than 400 professionals attended the two days of round tables, practical workshops and networking at on-geo Days, the annual property valuation conference organised by Germany's on-geo GmbH, part of the Tinsa Group. The event is held in Erfurt, the capital of the German state of Thuringia and the company's headquarters.

The on-geo Days have established themselves as a key platform for property professionals wishing to update their knowledge and network with other property valuation experts.


The first day covered topics such as banking regulations, «Bauen im Bestand» ('Building on Existing Assets'), 'ESG Scoring', 'Easy Financing with baufi.me' and 'AI in the Valuation Process'.

The second day of the conference began with a general presentation of the more than 1,000 valuation committees that exist in Germany. There was also a roundtable discussion on ESG and how companies are preparing for new regulations and demands on efficiency and sustainability.

You can find out more about the on-geo days in this [video](https://on-geo.de/wp-content/uploads/manuell/on-geo-days-24-V3%20UT.mp4)

The Tinsa Group acquires urbanData Analytics

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Corporate Updates

The Tinsa Group has reached an agreement with the financial services company Alantra LLP to acquire urbanData Analytics (uDA), the Madrid-based real estate analysis and consultancy firm.

Chairman & Global Chief Executive Officer of Tinsa Group

'This is excellent news that will allow us to move forward in our goal of providing a global perspective that combines valuation knowledge and market insight to help people and businesses make the best real estate decisions'

The uDA team has been advising real estate professionals on the purchase, management and sale of properties for more than 10 years and joins the Group to strengthen the 'intelligence' part of the business, providing knowledge and complementary technological solutions that enhance the value proposition for its broad base of global clients.
“This is excellent news that will allow us to move forward in our goal of providing a global perspective that combines valuation knowledge and market insight to help people and businesses make the best real estate decisions," said James Cornell, Chairman & Global Chief Executive Officer of Tinsa Group.

Tinsa Chile launches Incoin Plus

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Tinsa Chile has set a milestone in the field of real estate technology platforms in Latin America with the launch of Incoin Plus, the new version of its business intelligence tool Incoin Analytics.

Incoin Plus offers a significant improvement in the user experience and personalisation of information. It is a reference source of data on the Chilean housing market, providing its own data, such as new housing projects in different municipalities or construction costs, obtained from technical evaluations carried out by Tinsa's Real Estate Development Unit, together with other information from official sources. 

Among its new features, the following stand out


Entre sus nuevas funcionalidades, destacan las siguientes:
- **Unlimited customisation:** Users can select all the applications they want to consult, including market information on new home sales and multi-family rentals, construction costs or environmental impact assessments.
- **Up-to-date data and integration of reliable external sources:** All data is regularly verified and updated to ensure its reliability. Access is also provided to a wide range of data from external providers.
- **Regular updating of regulations and permits:** An up-to-date record of municipal regulations and building permits is maintained, and their status is verified on the ground through the transparency portals of each municipality. This information is regularly updated to always ensure its accuracy and relevance.




Tinsa Spain IMIE local markets Q1 2024

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The Tinsa IMIE Local Markets statistics for the first quarter of 2024 show that residential prices have remained stable in most areas, with more intense growth in municipalities with a greater tourist component and marked slowdowns in employment centres and their metropolitan areas. The average value of new and used housing in Spain is 3.3% higher than a year earlier, after increasing by 0.1% in the last quarter (since the fourth quarter of 2023). This is the lowest quarterly growth rate since the end of 2020.

ISO 27701 certification for the companies in Spain, Portugal and Morocco 

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The AENOR certification company has awarded the Tinsa Group the most prestigious international privacy certification: ISO 27701:2021. This certification validates the company's continuous efforts to establish, implement and maintain a solid Information Privacy Management System.

The certification applies to the following Group companies in Spain, Portugal and Morocco Tinsa España, Tinsa Digital, Taxo España, Balkide, PVW Tinsa Portugal and Tinsa Maroc.
This recognition is in addition to the ISO 27001 information security certification that these companies obtained in March 2023.

These certifications not only demonstrate our organisation's commitment to the highest standards of information security and privacy but also add tangible value. They increase our credibility in the marketplace and improve our competitive position,' says Ramón Mateos, the Group's CIO.


'These certifications not only demonstrate our organisation's commitment to the highest standards of information security and privacy but also add tangible value. They increase our credibility in the marketplace and improve our competitive position'

The combination of ISO 27001 and ISO 27701 provides the following benefits:

1. **Comprehensive Information Security and Privacy Management** - Combines security and privacy frameworks for comprehensive management of sensitive data.
2. **Resource optimisation and cost reduction** - Eliminates redundancies and optimises processes for greater operational efficiency.
3. **Enhanced compliance** - Complies with regulations and laws related to information security and privacy.
4. **Strengthened customer trust and brand reputation** - Demonstrates a strong commitment to data protection, enhancing customer confidence and reputation in the marketplace.
5. **Continuous improvement and adaptation to change** - Fosters a culture of continuous improvement to maintain the relevance and effectiveness of management systems.
6. **Increased resilience to cyber threats** - Strengthens the ability to withstand and recover from potential cyber incidents.
7. **Increased innovation and creativity** - Promotes a secure environment that stimulates innovation and business creativity.
8. **Alignment with strategic objectives** - Integrates data security and privacy into the overall business strategy to maximise value.
9. **Building trust in internal processes** - Increases transparency and trust by demonstrating responsible information management.
10. **Improving relationships with suppliers and business partners** - Strengthens business relationships by being recognised as a reliable and privacy-friendly partner.

Agricultural land in Spain 2023

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Discover the key trends in the agricultural sector in Spain with Tinsa's “Agricultural land in Spain 2023”. This comprehensive analysis addresses how prolonged drought, and climatic changes have affected agricultural production, and how, despite these challenges, the value of agricultural land has experienced notable increases.
The report provides detailed data on the revaluation of different crops, highlighting growth in rainfed fruit trees and irrigated arable crops, as well as emerging trends in the Spanish agricultural market. Access essential information to understand the present and future of the agricultural sector in Spain. 

X-ray of the real estate market 2023 and perspectives 2024 (Mexico)

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In her participation in the virtual talk **"X-ray of the real estate market 2023 and perspectives 2024"** , Marisol Becerra, Director of Consulting at **Tinsa Mexico**, gave a recap of the real estate sector outlook in 2023:

- It is estimated that there is a demand for more than 450,000 homes per year, of which 270,000 are new and 202,000 are used.
- According to official figures from Infonavit, Fovisste, and banks, 311,000 loans have been issued by September 2023, representing a 3.5% annual decline.
- Regarding the agencies, commercial banks have played a more important role in housing placement, as follows: Infonavit (67%), banks (25%) and Fovissste (8%).
- More than 50% of the loans are generated in Mexico City, Jalisco, Nuevo León, the State of Mexico, and Querétaro.
- National delinquency rates remain at 5.1%.
- Regarding banks, all have attractive products, including sustainable green mortgages, but those that have granted the largest volume are BBVA, Santander, and Banorte.
- One thing that changed was the configuration of the segments, with the largest growth being the Medium and Residential segments. The Medium segment (housing between $1.1 and $2.4 million pesos) increased from 20.5% in 2015 to 23.9% in 2023, and the Residential segment (housing between $2.4 and $4.7 million pesos) increased from 7.6% in 2015 to 15.5% in 2023.
- Between 2015 and 2022, the residential market in Mexico contracted by 21%, with new home sales, in particular, decreasing by 33% and mortgage lending by 33%.
- The market size in Mexico City is nearly 2,000 registered units per month.
Mexico City has the highest average price for financed homes for sale, followed by Querétaro.
In Mexico City, after a long period of very static prices (19-22), new supply, above all, is driving the increase in values ​​per m2.
- The dynamism of the industrial market has impacted housing values ​​in Coahuila and Nuevo León.
- The tourist attraction of some states is also driving demand, and with it, added value. Quintana Roo, and especially the Riviera Maya and Tulum areas, despite the constant increase in supply, maintain good rates of absorption and increased sales values.
- Among the threats seen this year are inflation, lower disposable income and spending power, rising rates, and higher prices due to construction and financing costs.


Regarding trends, she commented that one of the main opportunities for solid growth in the real estate industry in Mexico lies in nearshoring, since "the relocation of companies that have arrived in Mexico generates significant opportunities for the entire real estate ecosystem. Today, we have statistics showing that more than 500 companies have established themselves in the country, driving demand for industrial space. But let's remember that housing follows employment, so once these industrial and labor hubs are triggered, all residential development and the industry in general are impacted."
"This phenomenon has already boosted industrial markets like Monterrey, Tijuana, Guanajuato, and Guadalajara, as well as emerging markets like Mérida, Toluca, Saltillo, and Juárez," she added.

- **[Original news link](https://www.tinsamexico.mx/panorama-del-sector-inmobiliario-en-2023/)**
- **[Radiografía 2024 (Spanish only)](https://www.tinsamexico.mx/#flipbook-df_37845/1/)**

Troostwijk Index 2024 (NL)

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In this year's Troostwijk Index 2024, we provide insights into the price trends for commercial buildings, office spaces, residential properties, and business inventory. Our index figures offer guidance for updating insured values for the upcoming year.

######  General developments

The year 2023 has been another turbulent one, marked by significant fluctuations. Energy prices saw a sharp decline, while the raw materials and materials markets remained volatile. At the same time, wage growth reached its highest level in years. Notably, the predictions made at the close of 2022 did not fully materialize. We had anticipated that high prices for energy, raw materials, and materials would persist into the second half of 2023. However, by the second quarter, energy prices began to drop, and the prices of materials and raw materials stabilized, with some even decreasing.

Looking ahead to 2024, we expect construction and production costs to rise, primarily driven by increasing wage costs. Material and raw material prices are likely to experience more modest, long-term increases. However, it’s important to note that uncertainty remains high, with geopolitical developments potentially causing sharp price hikes in energy, materials, and raw materials.

For clarity, the Troostwijk Index reflects long-term cost developments and aims to filter out cyclical influences or price spikes caused by geopolitical events.

###### Energy, raw materials and materials

Energy prices experienced a steep decline throughout 2023. Despite this, prices are still significantly higher than early 2021 levels. For example, the price per cubic meter of natural gas is more than twice what it was in early 2021, and the price per kWh of electricity remains nearly three times higher (Source: CBS). Short-term declines are unlikely, as the gas now being purchased is considerably more expensive than before, even though the Netherlands has reduced its reliance on Russian gas.

The price of crude steel and other metals fell sharply in early 2023 due to waning global demand, resulting in a 15% decline. However, by the end of 2023, prices began to rise again. While steel prices remain higher than pre-2021 levels (around 37.5%), we anticipate that, with the absence of a strong economic recovery, prices will stabilize or increase slightly in 2024.
The oil price showed considerable volatility in 2023. After a 10% drop in the first half of the year, it surged by 25% in Q3 due to production restrictions by oil-producing nations. Following this peak, prices dropped again, fueled by disappointing export figures from China. With global economic recovery remaining sluggish, we expect continued volatility in oil prices throughout 2024.

As for building materials, 2023 presented a mixed picture. Materials influenced by international competition, like timber, remained relatively stable after substantial price hikes in previous years, while those primarily produced in the Netherlands, such as concrete and cement, saw price increases following the surge in energy and wage costs. Steel products like beams and profiles saw prices decline, but this trend leveled off toward the end of the year.
Looking at 2024, we expect a stable-to-slightly-higher price trend for internationally competitive building materials, while domestic materials may face price pressure due to construction stagnation.

###### Wage costs

Following a substantial wage increase in 2022-2023, wages are expected to rise again in 2024, though at a slightly lower rate. The latest forecast from the CPB suggests a 5.6% increase in collective labor agreement wages for 2024 (down from 6.8% in 2023). Wage demands vary by sector, with the construction industry expecting a substantial increase of around 10% (or even 14% with allowances and extra days off). In other sectors, like Metal & Electrical, wage demands are expected to align more closely with the national average, as their increases in 2022-2023 were already above average.
For the purpose of our index calculations, we’ve assumed a 7% wage increase in construction and a 5.6% increase in other sectors. This wage development will be applied in two stages: half of the increase will be reflected in mid-2024, with the other half coming into effect on January 1, 2025.

###### Uncertainty

The period ahead remains highly uncertain. Critical questions include whether gas supplies will be sufficient during a harsh winter, how the conflict in Ukraine will evolve, and the potential impact of geopolitical tensions between China and the West on raw material prices. Additionally, climate factors, particularly extreme weather events, could influence raw material availability, such as timber production.

In 2023, new home construction dropped sharply, as higher interest rates, economic uncertainty, and declining house prices led to hesitancy among potential buyers. The commercial construction sector also saw reduced activity, contributing to lower construction material prices. While some anticipate a recovery in construction in 2024, the Economic Institute for the Construction Industry forecasts a decline of 1.5%. Any sudden shifts in the economic climate could lead to price increases.

In these volatile times, indexation is more important than ever. The Troostwijk Index is a broad-based indicator and may not reflect specific market trends for particular real estate sectors. Therefore, it's important to stay updated on price developments in specific submarkets, allowing you to adjust your index if needed. If you're unsure about value developments, feel free to contact Troostwijk Research for personalized advice.

The figures presented here offer a forecast of expected price trends for the coming year. To stay informed about actual developments, be sure to check our quarterly updates.

###### Index numbers

As you can see from the tables below, the actual development of construction costs and production costs of business inventory in 2023 has lagged behind our forecast at the end of 2022. For 2024, we will therefore make a correction for the excessive indexation in 2023. This results in a constant annual index figure for construction costs and a slightly higher index figure for the production costs of business inventory. The quarterly index figures show that we do indeed expect an increase in construction costs and production costs for business inventory. As already mentioned above, this is mainly driven by higher wage costs.

###### Forecast annual index figures 

|  | **2023** | **2024** | **%** |
| --- | --- | --- | --- |
| Commercial and office buildings | 130.0 | 130.0 | 0% |
| Homes | 128.7 | 128.7 | 0% |
| Company inventory | 126.4 | 126.8 | +0.3% |

###### Forecast quarterly index figures 2024

| | **2023 – IV*** | **2024 – I** | **2024 – II** | **2024 – III** | **2024 – IV** |
| --- | --- | --- | --- | --- | --- |
| Commercial and office buildings | 125.2 | 125.3 | 125.4 | 129.7 | 130.0 |
| Homes | 123.3 | 123.6 | 123.9 | 128.3 | 128.7 |
| Company inventory | 123.3 | 124.5 | 125 | 126.4 | 126.8 |

*Definitive

[Link to the original article in Dutch](https://www.troostwijk.nl/nieuws/troostwijk-index-2024/ )
