Speakers of the CaixaBank Real Estate’s webinar
CaixaBank’s Real Estate Business corporate director, Daniel Caballero, revealed the support the financial entity gave to the sector year after year. «At CaixaBank we believe the real estate sector will be one of the sectors which will help the most towards the recovery of the economy, since there is objective data which shows that it is a healthy sector, such as the indicators from the last few months which show a clear path towards recovery. At CaixaBank we will continue supporting the sector as we have done up until now».
IESE Campus Madrid’s director, José Luis Suárez, also agreed that «the consequences of the current situation on the real estate sector are not homogeneous and, although the recovery may be slow, this sector does not represent a problem, but part of the solution».
Arcano Partners’ partner and chief economist Ignacio de la Torre highlighted that «the development segment is more industrial and healthier than during the 2007 crisis. Besides, despite the rebounds that might occur, people will get used to the pandemic and continue consuming. In fact, sales were more positive during August, than during the previous year».
«During the pandemic, there was a reasonable continuity in terms of activity, with a recovery in terms of sales once the commercial offices reopened, there was even a reasonable flow of sales to foreign investors», revealed APCE Vía Ágora’s president Juan Antonio Gómez Pintado.
Pandemic brings new opportunities and new challenges
In a new atmosphere marked by the pandemic, the real estate market tends to adapt with new business opportunities appearing, but also new challenges such as the price fluctuations on buildings.
Despite the current circumstances, «we should be intelligent and think about the new opportunities which will be generated by this crisis», stated CaixaBank’s Corporate Banking managing director, Luis Cabanas, who further explained that this «will demand improvement in terms of sustainability and environment for the construction and development industries and, at CaixaBank, we want to continue being a cooperating agent. We want to remain in this segment. We were, we are and we will remain there», he stated.
On the other hand, Juan Antonio Gómez Pintado highlighted that «terrains’ prices keep rising in some cities, which will increase dwellings’ prices. The forecast for the coming years is that there will be fewer developments starting, than in previous years, since there will be less endorsed. We will see offer decrease, but there will still be demand, which will pressure prices».
On the drop in endorsed investors, Gómez Pintado pointed out that it «is caused by the companies’ need to protect themselves and their capital to overcome the crisis. In that sense, we have a much healthier sector, which is ready to accelerate once the current situation improves»