Of the shaky countries in southern Europe, Spain is beginning to look the most solid. International investors are re-entering the Spanish property market, hunting for value. According to Savills, the Spanish property market has begun to see German institutional funds entering the market, as well as investors from South America, Canada and the United Kingdom.

“German institutional funds have returned to the commercial property investment market,” comments Pablo Pavia, director of investment at Savills. “Deka purchased an office building in Barcelona’s CBD, and Union Investment a hotel, also in Barcelona. Their arrival in the Madrid office market is just a matter of time.”

Union Investment acquired the Barceló Raval in Barcelona on behalf of the UniImmo: Europa fund at the beginning of the year. In a statement