Monday, 15 march 2021 | Brenda Rodríguez López
<<The recovery will probably take place little by little, but I consider that we are reversing the cycle and that we are beginning an upward path>>
Professionals who work in the real estate sector face a globalized, digitized and pandemic scenario. It is a new complex and changing context in which traditional knowledge and practices are no longer sufficient. It is necessary to go one step further, and taking this step implies knowing and embracing a more innovative approach in the sector.
That is the motivation that has led us to talking with Antonio Díaz-Barceló, President of Euroconsulting Asesores Financieros and Director of our Advanced Program in Innovation and Management of the Real Estate Business. He offers his expert vision of the new reality that this sector is facing and the new trends that are giving and will give shape to the real estate market in Spain.
What is understood by innovation in the world of the Real Estate business?
Right now, the world is very dynamic and innovation is happening in real estate on many levels, for example in construction. The properties that are built now are not the same as the ones that were produced in the past. The same occurs with real estate types such as shopping centers, offices and, in general, in the world of construction.
There is also innovation in financing in the real estate sector. Financing is no longer the way it used to be some years ago. Likewise, there is innovation in the commercialization of real estate products, even in the markets on which they are sold. The volume of international investment in the real estate market is increasing and, therefore, innovative aspects can be observed in the product marketing channel.
It is said that technology is playing an increasingly important role in the sector, but what new technologies are we talking about specifically?
In the field of production, in building, prefabs are increasing. The winter in Spain is not as harsh as in northern European countries, where prefabs have been established for a longer time, and can be built on site. However, prefabs are becoming increasingly important. They are already very widespread in the logistics and shopping center sector. And in housing, there are growth prospects. Prefabs come with new materials that are also advancing. These include concretes, prestressed structures, etc.
In the field of financing, I have to highlight, without a doubt, new technologies like crowdfunding and crowdlending, but there are also alternative investment funds that are arriving with innovative ideas. Financial technology is also evolving. In terms of product marketing channels, internationalization is also leading to new platforms that give access to international investors.
What trends in the management of the real estate business do you think will have the greatest impact in the near future?
Because of the Covid crisis, there have been subsectors within the real estate world that have been either winners or losers. The big winner has been logistics, which might also be a new positive trend. As online shopping has increased, the demand for logistics products has grown, and there are many international funds and even REITs on it.
In the first instance, the negative trend may come from the side of traditional trade. As online commerce increases, traditional stores lose, and there is a greater demand for rental products. For example, there are many empty premises right now.