10 cool new Spanish property words, most of them English!

 

From Home Staging to PropTech and Gentrification to MLS, many new concepts emerge daily with the rapid rise of the Spanish immobiliary sector, which in many cases are English loanwords. apartment for sale in qatar

The Alfa Inmobiliaria Network collected together the ten most commonly used new terms in the sector to make real estate information more accessible to society at large. Idealista/news summarizes what they are and what each means so that you can be at the cutting edge of the Spanish market for properties:

Immobilien broker: This term is used to designate the person responsible for managing the whole purchase and sale of immovables and the negotiations. It's essentially a normal property agent we all know and love. Recently, many people seeking extra income and banking professionals who lost their jobs because of restructuring in the sector, have become a trendy second job. Actually, employment in real estate is always high.

Prime: This word is commonly used on the market for the sale of offices, but also for residential homes. Their exclusivity and excellent quality is synonymous with a certain location or property. Investment in assets located at these locations is typically a low risk of buying or renting. The centers of big cities and financial areas are often regarded as prime locations.

Home Staging: In recent years there have been many talk of this technique, created by Barb Schwarz and born in the USA. It consists of preparing a property in particular, so that it is more attractive for future tenants or buyers. This step involves valueing the details in order to influence and encourage the customer and reach agreement at the best price and in the shortest possible time.

Render: The real estate sector takes advantage of technological advances in the digital age to show its customers a real picture of what the exterior and interior of a home or other property can look like. They use renders that are computer-generated images which are often used to show just how some refurbishment or construction work looks when it is done, or to get an idea of dimensions.

CIRBE: Acronym derived from the initials of the Bank of Spain's (Central de Informacion de Riesgos del Banco de España) Risk Information Centre. This data base includes the products financial institutions have with their clients (loans, guarantees, etc.). Its objective is to monitor and evaluate the financial risks of banks, businesses or individuals themselves and make them available to the public. More information is available on the website of the banking regulator.

Gentrification: This word is now used to speak about a process whereby a downstream urban space is transformed when people of higher economic status, attracted by the high value for money, "discover" it. This generally leads to the forced exodus of the poorer people due to rapidly increased rents and is a serious social problem. In Madrid, for example, this gentrification process has taken place in neighborhoods like Huertas, Lavapiés, Malasaña, Carabanchel and Cuatro Caminos in recent years. It's a phenomenon that hardly any of the most touristy cities in the world is immune to.

Tourism: Alfa Inmobiliaria defines this term as "the indigenous population displacement similar to the former, driven however by tourism and leisure." What has until now been known as "Venice Syndrome" is a neologism that leads people to move into other areas, for example by forcing them to visit, making new areas more costly or valuable.

Project Management: This English word which became the common language of Spanish covers the whole discipline including planning, organization, motivation and control of existing resources for a particular immobilization project. It is a sort of "controller," whose goal is to ensure the project's success by meeting certain time, budget and quality parameters. Many hip companies are now offering project management services in Spain.

MLS: This is a collaborative list of professionals in the real estate sector, which allows any member of the MLS to market real estate captured by another member. As Alfa Inmobiliaria explains, the service is governed by an ethics code accepted by all its members, which governs the functioning and rules of cooperation.

PropTech: Last but not least, a portmanteau is on our list, mixing 'property' and 'technology,' and using technology for property. PropTech: This trend aims at reforming the immobilizing market by combining state-of-the-art technology using virtual reality, home automation, real estate portals and more and rapidly becomes the hottest real estate concept in the world today.