3 / 116
2017 / iberian.propery // 3
ISSUE: TOP IBERIAN cities //editorial
There’s no denying that we are living a mo-
ment of great optimism in the property in-
vestment market, both of Spain and Portugal,
where investor activity and appetite reach
levels never before achieved, succeeding
transactions of all type of real estate and for
any of the assets classes.
However, if we do not stop to reflect, there’s
the risk of, at the same speed with which the
market came out of the most difficult years, this
power may quickly go back to a depressing
spiral. There are currently several the signs that
recommend us prudence in investing and that
invite us to reflect...
As I write these lines in the wake of the EPRA
Conference, I use this space to summarize some
simple ideas that were discussed on that stage
of reflection andwhose organization was, once
again, a true success:
- Geopolitical risks: today they are greater than
before and haveworsened, with the potential
to generate extreme events that will affect
very seriously any business;
- Macroeconomic risks: the debt problem re-
mains unsolved, in its essence, not only in the
banking sector but also in many countries;
the European EQ will be challenged by a
more aggressive policy of raising the FED’
interest rates, and the impact of Brexit only
now, with the pound achieving euro parity,
will start to be felt;
António Gil Machado
DIREcTOR, Iberian Property
A cautious optimism!
- Technological risks: with the phenomenon of
e-commerce growing at a double-digit rhythm
and traditional non-food sales stagnating in the
main economies over the last 10 years. The
non-food retail space is narrowing, and at the
same timewewillhave to find logistics solutions
for the last mile of e-commerce delivery. Still
in this field of technology, we must not forget
that automotive electrification and autonomous
drivingwill redefine the paradigms of our daily
life in just 10 years, without anyone knowing
how to measure the impact in our cities!
This positive moment is, therefore, the perfect
time to launch new tools that may contribute
to sustain markets, such as the example of the
creation in Portugal of a REIT’ scheme, that can
support the attraction of capital to our country.
Given that real estate investment is a business
inevitably planned for a minimum of 5 years,
investing prudently today, including all these
premises of an uncertain future, is a challenge
to which we hope we can contribute to!
With our events and editions, we hope to meet
your expectations! And that is what we are trying
to do with this number 3 of Iberian Property,
which celebrates the II edition of Portugal Real
Estate Summit, after the success achievedwith
the organization of the Iberian Summit, held
in London last June, and which summary we
present in this magazine.
Enjoy your reading!