I nmobiliaria

one the Echo nomistic Real estate

the Echo nomistic

Monthly magazine April
3, 2019 | No. 31

2020 77.000 for new homes

completed in Spain are expected |
P26

Noelia Catalan
CFO of Áurea Homes
"We have specialized as a
manager of real estate services" | P16

Physical store
SURVIVING THE THREAT OF
TRADE 'ONLINE'
The 'ecommerce' serves to gain market share and local to save costs and provide
experiences | P4
two SUMMARY the Echo nomistic Real estate

32. Thermometer Present Interview

Companies opt for efficient The physical store survives the Noelia Catalan, financial director
buildings threat of trade 'online' of Áurea Homes
45 percent of ccontratación in Madrid and Barcelona Establishments provide consumer experiences so they must live with "We have specialized as manager of real estate and we have
property is in Grade A the boom of the 'ecommerce' agreements with several funds"

34. Project
Nuda property, new pension for
the elderly
It is an alternative to annuity or reverse mortgage

38. Trend
The promoter is committed
to aerotermia
04 16
This technology grew by 70 percent in new
construction homes

44. Exclusive
Gestilar commitment to the

26
'carsharing'
First developer offering its customers shared electric
cars twenty
The protagonists Consultancy
Secondary markets take over the By 2020 there will be 77,000 new
edit: Editorial Ecoprensa SA President Ecoprensa: Alfonso de Salas
CEO: Pablo Cano Managing Director: Julio Gutiérrez
Director of Institutional Relations: Pilar Rodriguez
Director of Brand and Events: Juan Carlos Serrano

Director of elEconomista: G. Amador Ayora

megacities homes delivered
Coordinator of Digital Magazines: Virginia Gonzalvo
Director of 'elEconomista Property': Alba Brualla Design: Pedro Vicente and Elena Herrera Photography: Supply shortages and high prices have caused a domino effect of major The 'XXVII edition of the Real Estate Pulsometer' confirms the upward
Pepo García infographic: Clemente Ortega Drafting:
Luzmelia Torres capital to other cities trend in the sector with attractive returns
3 EDITORIAL
Given the strength of
companies '.com' all
the sector 'retail' is
challenged to offer its clients
unique experiences and
physical space
continues to occupy a
privileged position as the
only environment where
they can live
experiences
Coexistence between the physical
store and trade 'online'
L
evolution and emergence of new commercial formulas
and the need for adaptation
retail the current demand of society today focus on three
osareas:
changes in consumer habits, the
digitization,
sustainability and finding unique experience. The retail
contributes to real world dynamic, complexity, modernity and innovation. It
is the most complex real estate market product has all components.
Currently in Spain there are about 17 million square meters in shopping
malls and retail parks with a total of 750 units. But fear stalks the sector, and
the on-line he eats the
offline, However, industry experts see it as an opportunity. It is true that given
the growing strength of enterprises. com trade, whole retail, including shopping
malls, has ahead the challenge of offering its customers unique experiences,
but many are convinced that the physical space will continue to occupy a
special place in the minds of consumers because it is the only environment
where you can still live experiences and do not be afraid to coexist these two
forms of trade.
the Echo nomistic Real estate
In this new era where everyone speaks automation, digitalization,
algorithms, artificial intelligence, etc., what we are seeing is a rebirth of retail and
physical space and in the end what is Internet has made everyone put on
alert, but still in Spain eight out of ten companies have never sold or marketed
anything online. Digitization is not only how to interact with the client but how
to better manage assets and make it more effective and sustainable. What
kind of experience you have to give people to leave home? It is losing the
ability to connect to the
offline and the retail It has to be seen as a social experience. Spain is the
second most visited country in the world and people are not coming to stay at
the hotel and buy on-line. Foreigners want to enjoy the sun and shopping.
15 or 20 years who had the upper hand in this business done was the
owner, after the crisis of Lehman Brothers was the operator and today,
fortunately, is the customer or consumer and this has made everyone start
marks and spaces create more humanocéntricos
thinking of giving better services and value added because in the end it is
about creating spaces where the keyword is not commercial but social.
 4 PRESENT the Echo nomistic Real estate

Calle Larios in

Málaga. GETTY

THE 'RETAIL' LOOKING FOR TECHNOLOGY,

SUSTAINABILITY AND EXPERIENCES
These are the three premises on which new commercial formats trendsetters in the industry are based. The 'online' and 'offline' have to live, the client searches
all existing sales channels and it has to enter the omnicanalidad

LUZMELIA TORRES
 5 PRESENT the Echo nomistic Real estate

L
'Live Center Solia'

It will be located in
new commercial formulas and the need for adaptation retail the current demand of
El Canaveral

society today focus on three areas: digitization, sustainability and finding unique (Madrid). EE

experience. "The retail brings to the real estate world

os changes in consumer habits, evolution and appearance
dynamism, complexity, modernity and innovation and is the most complex real estate market
product has all components. Currently in Spain there are about 750 units, representing more than
17 million square meters of surface between shopping centers, retail parks, leisure centers, outlets and
other types of commercial space. And these must be added the part high street of city centers, it is
representing a large volume in terms of meters and investment. In fact, in 2018, this sector
received 4.300 million euros of investment, which is a significant amount within the real estate and
especially what attracts are very attractive returns. In all reports MSCI, income beat rates markets
short and medium term, "says Alfonso Brunet, CEO of Castellana Properties.

Retail around the cities were born, according to Rafael Serrano, president of the Mas
Media agency MM magazine Retail Hi, "Real estate today without the retail I could not live
there. Retail is the social mechanism by which society adapts to change. "

In this process of change these three factors: digitization, sustainability and unique experience
are vital and trendsetters in the retail. "When we talk about digital transformation we must
understand that the first is social transformation in which technology acts as one of its main
catalysts. Society is changing and digitization contributes to this. The impact of e-commerce does
not affect equally to all segments of the population and all commercial sectors and therefore the
impact on the mall will not always be the same, "said Sebastian Fernandez de Lara, managing
partner of Hamilton.
The 'retail' is the Carrefour Property Estate Agents in Spain.
social mechanism The same opinion is Alfonso Brunet, "From Castellana, we believe it is an opportunity and they
have to go hand in hand, as currently the client searches all existing sales channels and that has to
by which society enter the omnicanalidad. Even the Amazon has bought a supermarket chain to have local at street
adapts to change level with which to satisfy their customers. Currently all retailers They are promoting their platforms on-
to gain market share, but is already seeing business take home the product or collect it even if you
have to return, it is not profitable and is enhancing the customer comes to pick you up at the store
to save costs. "

Trade growth on-line and its coexistence with the physical store is very present in the market. "It
is true that with the strength of enterprises. com, all retail, including shopping malls, they have face
the challenge of offering its customers added value: unique and distinctive experiences. Carrefour
Property are convinced that the physical space will continue to occupy a special place in the minds
of consumers because it is the only environment where you can still live experiences, "explains
Lola Bañón, Director of Operations and Promotion
According to Sebastian, "despite knowing that today the customer is Omnichannel, many retailers
and mall owners are not working in favor of the omnicanalidad because it is unclear what will be
the return to the investor. The implementation of 5G technology among others, will allow to
develop new products and services which in turn will change many of the perceptions we have
today about
 6 PRESENT the Echo nomistic Real estate

this issue. Technology should help improve and humanize the visitor experience, an experience The magazine Retail Hi 'gives us
which is not unique and should help develop many and many concepts mall, as consumers are the keys to the sector
integrated under the same segmentation. "
The magazine Retail Hi ', after 12 years of

Eventually the retail is one of the most dynamic sectors of our society because it impacts all day experience gives us the keys retail

every day in our daily lives. "In this new era where everyone speaks automation, digitalization, with the opinion of professionals:

algorithms, artificial intelligence, etc., what we are seeing is a rebirth of ■ The 'retail' is the key
The 'retail' contains all the keys, acts
retail and physical space and in the end what is Internet has made everyone put on alert but still in driving force for innovation and the
Spain eight out of ten companies have never sold or marketed anything online. Digitization is not changes in society and demanded by
only how to interact with the client but how to better manage assets and make it more effective citizens.
and sustainable. What kind of experience you have to give people to leave home? I think you're ■ The technology
missing the ability to connect to the offline and the retail It has to be seen as a social experience, The 'retail', surpassed the barrier of Internet,

"says Andy Stalman, CEO of Totem and author of Branding best sellers: BrandOffOn Y HumanOffOn. now in front of the 'big data'. Data analysis and

the ability to read the results to plot a strategy

with huge profits. Knowing how the consumer

behaves in physical or digital store, it is key.

Something that all industry experts strongly agree. Spain is the second most visited country
in the world and people are not coming to stay at the hotel and buy on-line. Foreigners want to
enjoy the sun and shopping. ■ The surprise
new spaces where
Tell retail It is to surprise, make a firm
the keyword is no
commitment to meet time trends, the longer business are

New models significance of the changes in the market and created

but social.
The company develops the project Mackintosh Mall Live Center Solia, a new concept of sports we need to understand to win the future. The
ALAMY

and leisure business will be located in the east of Madrid. Solia will in El Canaveral (Vicálvaro) 'online' shop has to be simple and offer

with a surface different means of payment; the physical store

224,000 square meters of recreation, which will position it as the largest in Madrid. It will open in has to justify the displacement, aromas, light,
the second half of 2020 and will not only have 90,000 meters from shops and a food court, but music, etc.
offers sport and leisure, with a large lagoon 18,000 meters surfing and diving, paths for cyclists , skate,
■ 'On' and 'Off'
It is not a matter of digital channels or classic
climbing wall, etc. "We as promoters, with 35 years of experience in the field of shopping centers shops, both must be integrated.
in our project we try to create something completely new in the field of retail, a Live center responding
to new consumer needs for the next 25 years. To do this, we will also have used artificial
intelligence that will help us better manage customer experience and soon we will launch our
website with artificial intelligence, with which we want to surprise and get to know the future
consumer

and malls, we think that trade has always been key to the city and although it has evolved, ■ The brand value
remains central to the cities to life. The need to trade brought about the creation of cities around A new element that adds value brand. His
the markets and we are now in a very interesting phase we think is not simply an evolution of attributes generate customer confidence. If the
shopping centers, but a change of cycle. Because, message ' branding 'succeeds with communication
and marketing strategy translates into credibility.
Live Center, Alejandro points Malagon, CEO at Mackintosh Mall.
Another challenge that lies ahead this sector is sustainability. According Lola Bañón this field
must work from a global perspective and strongly committed to the environment while
maintaining profitability.

Something that is completely agree Andy Stalman. "The

 7 PRESENT the Echo nomistic Real estate

Sustainability has four main legs: Government, investor, developer and customer. I think like the
government is committed to the electric car has to be with the shopping centers industry for both
new to the old centers that can be renewed. Thus if the government is committed to these
initiatives also develops the developer and the investor chooses these developments for the
benefit of everyone. Currently there are funds that only invest in sustainable business models
hundred percent; and as for the customer, even consciousness Sustainability is bounded to very
specific niches in Spain which does not happen in countries like Finland, Germany, Norway or
Canada but in the end is the trend and we will have to prepare because it will " .

Spain has a park of old shopping centers

According to industry experts, yes there is social awareness of sustainability and all the
developments of shopping centers that are new and take it into account, but the problem is in
Spain is that 80 percent of park mall is old and it is obsolete.

"Most of our shopping centers are 70, 80 and 90 and to adapt this park requires a very strong
Around the 'retail' cities
investment," explains Alfonso Brunet. In this regard, Lola Banon says the challenge is that the
were born. Today the
centers are attractive to consumers and sustainable over time and also highlights the real estate without the

transformative efforts made by the Carrefour group to modernize much of its park in Spain in the 'retail' could not exist. GETTY

last five years.

According to Rafael Serrano, "we must talk about sustainability but not only in environmental
issues also economic sustainability because money seeks profitability."
Some of the complaints that show promoters bet on more sustainable projects is that
investment is high and many investors look to end what are the rents and to make this product
rents have come down. "To us it is very difficult to sell our project to investors because the
investor wants one hundred percent profitability for these products and rents have come down so
they can perform this type of buildings and complicated."
In Live Center Solia, sustainability is a priority project and therefore, besides being an open
center, will feature panels electro voltaic and wind turbines that generate all the energy needed for
the operation of the common areas and not less than 50 percent of the
80% energy they will consume tenants. Moreover, used covers all buildings used to enjoy 4 kilometers
of "energy" roads, which produce energy when walking and 2'5 kilometers of bike lanes. Not
forgetting the efficient water consumption, area in which you are working. "We want to be the first
80% Park shopping Solia Live Center in Spain "and truly sustainable energy, because that is the future," says Alejandro
centers in Spain there is Malagón.
old and obsolete
Andy Stalman concludes that "15 or 20 years ago which had the upper hand in this business
was the owner, after the crisis of Lehman Brothers was the operator and today, fortunately, is the
customer or consumer and this has made everyone begins to create marks and spaces more
humanocéntricos thinking of giving better services and value added because in the end it comes to
creating commercial living spaces, meeting and entertainment. Spaces where the keyword is not
commercial but social ".
8 OPINION the Echo nomistic Real estate

Is clear the way real estate

investment?

AND
John Brown economy. Unlike other Spanish real estate crisis, this time the recovery has
increasing dynamism in the real estate sector helped by been supported by economic improvement and not the reverse. Spain no
Responsible Real Estate & Hospitality improved economic prospects of the country and the large longer dependent on majority way the housing market.
Natixis in Spain and Portugal n the last five decline inhas
years there asset
beenprices since
a clear and the crisis erupted in 2008,
In my opinion, for the next two years will remain much more availability of
which it has led to interesting investment opportunities. capital for the residential sector, although still highly centralized in Madrid and
Many people wonder if they have passed the Spanish real estate crisis. The Barcelona where, although they have already recovered prices since the crisis,
answer is yes: the crisis has passed and real estate Spanish is reaching demand and interest international remain strong. These two cities monopolize
maturity. On the one hand, big banks have managed to clean up their balance most large foreign investments. There will also be strong residential investment
sheets and, secondly, has regained confidence in the property sector, which is in other medium-sized cities with more than
what really encourages both private investor and institutional invest in all asset
Large entities classes, either housing, offices, shops, shopping centers, hotels and logistics.

credit have The other question is: when will the next real estate crisis? With the numerous 200,000 inhabitants, especially those who suffered a major adjustment,
external factors and a clear scenario of international political instability, at this sometimes more than 50 percent and therefore more upward path. The
managed to repair their balance time is not easy to answer this question. What is clear is that the real estate premises have also experienced an increasing demand in recent years,

sheets and on the other hand, sector in Spain has improved over the last five years, leaving only the most highlighting the prime areas of cities. The targeted returns are achieved
professional actors. This fact has not gone unnoticed by foreign investment. currently investing in such prime assets are less than 4 percent, so a lot of
has regained confidence in the
Many international investors have bought without any funding, all kinds of demand is not expected in the coming years.
sector properties when almost nobody did in Spain, which has allowed them to obtain
significant returns when improved
real estate, which is
In the shopping center market two types of projects must be distinguished
it actually clearly. On the one hand, the dominant centers will continue to receive huge

encourages the investor investment and on the other, smaller centers, the threat of e-commerce will have
no choice but to try to retain their
to invest in all
type active
 9 OPINION
customers with more leisure, more restaurants and more investment in
technology. This type of less dominant shopping centers are clearly getting less
appetite financer, especially from international banks due to the closure of
several shopping centers in the US and UK. The office segment will continue to
receive great attention from investors, repositioning and focusing on different
models workspace. It is anticipated that investment and bank financing on these
assets remains high.
As regards the hotel industry, all indicators suggest that continue to grow
and improve their level of service. In 2018, investment in the sector was above
5,000 million euros, which made for the first time to Spain in the second largest
number of hotel investment in Europe, behind only the United Kingdom and
ahead of countries as relevant as Germany, Benelux and France. For the next
few years, but is expected to continue booming tourism mainly because of
international conflicts in countries that could be considered our competitors as
tourist destinations, a moderate investment of these assets is expected. This
will particularly affect more resort hotels with worse location, which receive less
bank financing.
The logistics sector has become increasingly important thanks to the digital
environment and new consumer habits. The growth of this sector in the past
four years has been exponential, especially in the market for logistics buildings
with good situation, which is expected to receive a lot of investment and bank
credit in the future.
In addition, large SOCIMIs ( Listed Real Estate Investment Companies)
who have purchased very
the Echo nomistic Real estate
well in recent years will now focus its strategy of rotating its assets and manage
their portfolios to increase their value. Not easy to know what the perspective of
the Spanish real estate sector in the long term, but what we do believe is that
an extension of the current expansion phase at least is expected over the next
two years, albeit at a slower pace than in years precedents.
John Brown
We not dare to set a date for the next crisis in the sector, but what we do
know is that it will be different because it will be caused or at least determined by Responsible Real Estate & Hospitality Natixis in Spain
different factors and more related to globalization. Spanish credit institutions are and Portugal
sound and there are now more controls from Europe. Banks, to finance solvency
to the final consumer demand, which also has much more financial literacy and
media to learn before the latest crisis.
What can we expect for the coming years? Generally speaking, the Spanish
real estate expectations go hand in hand in the Spanish and international We not dare to set a date
macroeconomic forecasts. Now you can qualify: for opportunistic investors will be
for the next crisis, but
particularly interesting small towns with much upward path, but riskier, while the
more cautious will find themselves better off investing in large and medium cities.
what we do know is that it
Those who do not require bank financing will seek more conservative assets in will be different because it
prime areas and are already generating income, meanwhile, opportunistic
investors and specialized with ability to access credit will find their most suitable
will be caused or at least
niche in the added value they can get from the Offices semi-prime, the logistics determined by different
sector and residential.
factors and more related
to globalization
 10 STAR PRODUCTS the Echo nomistic Real estate

ISLA DE TAMBO, In the district of Las Mercedes in northern Madrid, it is possible to live in a
natural environment without giving up the services that the city offers.
millions. You will have a single phase, whose works will start in June this
year and will be completed during the second quarter of 2021. Isla de

NEW PROJECT IN MADRID Tambo Island, a modern residential complex with energy rating, created
with the aim of offering a better quality of life without neglecting the
Tambo has a modern design and avant-garde architecture with bright and
functional spaces. Most of the houses have double orientation and spacious

Gestilar advantages of the city. Gestilar markets this promotion consists of 52

52 modern residential homes in the north of the capital with
energy rating A. It offers the best quality in natural surroundings
without leaving the city
THE ECONOMIST
exclusive homes three- and four-bedroom apartments with penthouses and
low, nestled in an area of ​great environmental value. It is situated very close
to the Pinar Cerro La Mesa, and parks El Capricho and Juan Carlos I.
Tambo Island residential, buildable cover 7,191 meters and will have
an estimated total investment of 18
terraces, with quality finishes that can be customized by the buyer through
the choice of packs of design. Will promote among its common areas,
landscaped areas, swimming pool with salt chlorination for adults and
children, multipurpose room with dining area, playground, smart mailboxes
and cardioprotegidos spaces. All houses have two parking spaces and
storage.
 eleven STAR PRODUCTS the Echo nomistic Real estate

Housing energy rating A.

Efficiency and Sustainability
is part of the DNA of
Gestilar

Households have a differentiating point that

captivates more
eco friendly, as they have been devised

according to criteria

ecosostenibles: high levels of lighting,

sunlight and energy optimization procedures.
Thus, they will have energy rating, which
means a decrease in CO2 emissions and a
reduction in energy demand of the building.
Gestilar is developing 668 homes in the
Community of Madrid, spread over six
projects and defends the incorporation of
efficiency and sustainability in the phases of
the life cycle of a building. It is part of the
DNA of the company.
 12 STAR PRODUCTS the Echo nomistic Real estate

MARLINE
PROPERTIES
HOSTS 'Game of Thrones,
THE CHALLENGE'
The company launched an initiative pioneered entertainment shopping
centers with exhibition area, area of ​expertise with three 'escape rooms' and
'photo opportunity'

M
entertainment pioneer Game of Thrones, the challenge Vodafone's
hand and HBO Spain in shopping malls of the company. This series
has become one of the most important in recent years and
Properties erlin put an initiative launched
premiere of the eighth and final season of it, on 15 April, is an event. For this reason,
commercial centers host Merlin Properties Game of Thrones, the challenge as proposed leisure
offering guests a dive into the world created by George

RR Martin through a journey through the seven kingdoms of Westeros. This pioneering
experience in Spain, consists of three distinct areas of activity with free access. First, it is the
exhibition area, consisting of seven unique showcases the iconic objects of the series. Then,
in the area of ​expertise, will take place

the challenge which will consist of three exhaust rooms with different themes

-Winterfell, King's Landing and Rocadragón-. In the latter area, visitors can take pictures on
the throne of iron and even, if you dare, with Drogo. It can be followed through social networks hastag

# JuegoDeTronosElReto.
XXXX
13 STAR PRODUCTS the Echo nomistic Real estate

Merlin Properties malls that host 'Game of Thrones, the challenge'

It premiered at the Tres Aguas Shopping Center (Alcorcón, 07/04), Thader in Murcia (24 / 05-02 / 06), Marineda in La Coruna (07 / 06-16 / 06), in

Madrid), on 15 March and now. Leioa Artea (21 / 06-30 / 06), Arenas in Barcelona (05 / 07-13 / 07), Vilamarina

Game of Thrones, the challenge will make a roadshow until Viladecans (19 / 07-28 / 07), The Vital in Gandía (05 / 09-14 / 09), Malaga Larios (20 /

the end of 2019 by other malls Merlin Properties as the 09-29 / 09) and the Saler Valencia (18 / 10-28 / 10).

FIRA in Reus (29 / 03-

 14
ACR testa its new
technology in
Antarctica
ACR Group and
University of Navarra have sent a
prototype of industrialized facade to
Antarctica to test in the most
adverse weather conditions, a new
heating and cooling system leading
research since
2016. This is a model that focuses
on sustainability and covets its
future commercialization in the
market. The overall project budget
amounts to more than 310,000
euros.
Barcelona, ​fourth most
expensive city in Europe
housing
Barcelona and Madrid are among
the five most expensive cities in
Europe, according to a report by
Century 21 Spain, who has analyzed
what kind of housing you could buy
with a budget of 300,000 euros in 36
of the most important cities in the
world. The study shows that
Barcelona is in fourth place with
Beijing or Berlin, although globally is
the sixteenth most expensive city.
IN BRIEF
Allianz wants to buy
Castellana 200 in
Madrid
Office complex and Castellana
shopping center 200 starred one of
the first major operations after the
crisis when in 2014 a group of banks
transferred the property to PSP, the
pension fund of the Canadian
Forces, who acted hand of the
Management Drago Capital. The
asset is now very close to change
hands again, as their owners are
negotiating the sale with Allianz Real
Estate.
the Echo nomistic
New student
residences giant
Invesco is up to the wave of student
residences in Spain through a
partnership with the subsidiary of
Urbania, syllabi. Both firms will
jointly develop one of the largest
investment platforms in student
residences in Spain. The initial
investment will be 250 million euros.
The agreement includes immediate
platform four projects Syllabus by
developing Urbania already
incorporation.
Real estate
Property
investment falls by
5% until March
The volume of direct investment in
real estate assets (offices, logistics
warehouses, hotels, retail and
residential portfolios) reached 2,015
million in the first quarter,
representing a 5 percent less than
the same period of 2018, mainly due
the absence of large volume
operations made during this period,
compared with the previous year,
according to a BNP Paribas R E.
16 INTERVIEW the Echo nomistic Real estate

NOELIA
CATALAN
CFO of Áurea Homes

LUZMELIA TORRES

Real estate brand Áurea Homes emerges in late 2018 after segregation branch promoter ACR
Group construction business, but the developer has 30 years working in the market remains a
benchmark in the industry for their expertise and professionalism. Noelia Catalan financial
director of the company, after 11 years working in the real estate, tells the strategy Áurea Homes
in this new journey.

Does your business promoter company has grown 300% in recent years. How has the
company changed in recent years?
Our business model has evolved considerably, but not only in size, but by the change of model,
now coparticipamos investment funds taking minority positions, specializing in the
comprehensive management of the projects we develop. This change has forced us to redefine
our procedures and develop a new quality system.

On the other hand, this growth has been accompanied by an increase in staff has grown from
22 employees in 2016 to 46 currently forming Áurea Homes. The company has redefined its
DANIEL

G. MATA organizational structure,

"We have specialized as manager of real estate services and we

have agreements with several funds "
 17 INTERVIEW the Echo nomistic Real estate

creating new departments and jobs, expanding our areas of activity and thus setting an
appropriate and flexible organization to current business volume and market complexity.
How is the transition from being ACR Promotion Aurea Homes?
This decision, meditated for a long time, has been a new challenge to the company at a time of
permanent changes and much growth. The main challenges are the positioning of the new brand,
Aurea Homes, and strengthening the areas that were previously integrated into ACR Group. we
can say that the process has gone very well and we have an organization that works without any
limitations and autonomy today. Regarding positioning we continue to work in all territories in
which we operate.
They have specialized as manager of real estate services and work with various
backgrounds What is the business model?
Indeed, Áurea Homes traditionally had one hundred percent own projects and this limited our
activity to a smaller number of projects. This new business model, in which we have reached
agreements with various investment funds, coparticipando with them on projects and taking care
of the overall management of the same under a fee. It is a system that has allowed us to grow
exponentially and with which we felt very comfortable today.
G. DANI MATA
"We are selling
16 projects will add
18 more this year "
"We will start 600
Homes develops Phases I and II of Nature Canaveral in one of the areas with better growth
prospects city: El Canaveral, Vicálvaro. Also in the city of Madrid Vallecas marketing Nature it is
well advanced. Already in the Community of Madrid, particularly in Getafe, the developer is selling
Áurea El Bercial and in Mostoles, develops Fuensanta Residential. Golden Homes has started to
operate in Sevilla and has launched two promotions in Mairena del Aljarafe Mairena Golden and
Golden Boulevard. In Catalonia, specifically in Sabadell (Barcelona), Eixample Aurea markets and
in the town of Portugalete (Vizcaya), Aurea Repelega stands with energy rating and finally, in
Navarra Mutilva Áurea.
Just they entered Andalusia with the purchase of a floor. What is the investment plan
of the company?
Yes, we opened delegation last year with the purchase of four floors and we already have two
promotions in marketing in Mairena del Alcor (Sevilla). Our goal, scored in the Strategic Plan
2016-2020, is still starting 600 homes per year representing 150 million euros in sales per year
and an investment of 60 million a year buying soil.
And regarding the rent, what are your plans Áurea Homes?

Then the aim of segregation of business promoter and builder to input capital
and new partners Have you gotten?
The reasons for segregation were not to enter the capital to new partners but make the company
competitive and autonomous. We have had negotiations in line to strengthen the capital and we
are working on alternatives for it.
How many promotions market right now?
We are currently marketing 16 projects, about 1,000 homes, and throughout 2019 we will begin
the commercialization of 18 more projects, representing 1,100 other homes. Currently markets five
promotions Áurea Homes in the Community of Madrid, two in Andalusia, one in Catalonia, the
Basque Country and Navarra. In central Madrid, Áurea
homes a year with We believe in that rental growth will be in the hands of developers specializing in the coming
years in Spain funds. In this regard we consider it a business in which Áurea Homes wants to
a be present in both the promotion for sale to operators and management or Build to Rent.
150 million
investment " We are currently promoting a building of 22 homes in Vallecas for later investors sell, we are
managing a project of 398 housing intended for rent for Lazora in El Canaveral, and we are also
negotiating the sale of two buildings in promoting our portfolio to a fund a model Build to Rent.
"We manage to
Lazora
398 homes for rent in Let's put in figures the developer, What benefits obtained Áurea Homes in 2018 and
El Canaveral " what is your goal for this year?
Golden Homes has earned a profit after tax of 2.5 million euros, with a turnover of 28 million
euros. For this year we expect a similar profit after tax last year, with higher projections in
subsequent years.
 18 INTERVIEW the Echo nomistic Real estate

As a connoisseur of the sector after 11 years working in the real estate, how does the
situation of the sector in the coming years and believes it will continue to have good years
for real estate?
My opinion is that we are in a mature stage of the cycle, but I think the next three years will bring
growth, although it will be more moderate. It is foreseeable that there is a shift in demand towards
the periphery of the cities due to strong price increases in them, although prices should stabilize in
2019. There are other aspects such as scarcity of developable land, increase construction costs
and some difficulties in accessing bank financing that pose major challenges for the coming years.

What are the components that make this new real estate?

I think there are several processes: the digital transformation of organizations, industrialization
processes in the building that allows shorter terms, higher quality and competitive prices, and
continue to improve customer orientation, although the latter process I think it's not so new in
Áurea homes we have delivered over 6,000 homes in the last 15 years and always put our
customers ahead.

How long will this cycle and when it is expected a change of cycle?
G. DANI MATA
It is foreseeable that in the next three or four years we will see a change in the real estate cycle in
What are the challenges of Áurea Homes for the coming years? "In Áurea the market, but when the correction occurs, it will be very different from the one we live in the past
We want to consolidate our business model, specialize even more in the integral management of
Homes, because there is no such high debt and current activity has grown moderately, the rates of current
real estate projects and diversify our business operations in other uses, such as residential rent, housing production are reasonable and adjusted to the natural demand.
student residences, residences senior and logistics sector. 60% of the
workforce are
There are not many women in management teams of large real estate companies, do you
women " What advice would you give someone who wants to invest in real estate?
think that is a point to improve in the sector?
"Within 3 or 4 The real estate market today offers various investment possibilities, can invest through specialized
From my point of view it has been advanced in this regard. Homes in Áurea, for example, 60
years there will companies, SOCIMIs patrimonialistas or promoters or large listed companies, or directly in the
percent of the workforce of the company we are women, but still tour the stalls with a higher level purchase of a property, requiring further analysis and dedication to their management. All of them
of responsibility and leadership. Women bring complementary skills that contribute to men and be another real are valid and therefore depend on the level of risk, investment capacity and dedication to it that
this is positive in any sector.
estate cycle the investor wants to have.

change "
 twenty THE PROTAGONISTS the Echo nomistic Real estate

SECONDARY MARKETS ON THE RISE

Valencia joins
markets upward
trend in housing. EE

BY boom in large cities

The shortage of new housing supply and high prices of big capital have caused a
domino effect reactivating demand in Valencia, Zaragoza, Sevilla, Malaga and
Alicante

LUZMELIA TORRES

It is giving an effect in 2019 this current dynamism will translate into price increases, "said Oscar Hernandez,

AND
Residential practically all the territory and this year we are seeing secondary
markets that have not registered rises in price exceed their adjustment stage
and continue the path of recovery from the rest. "Currently,
ast year was a year of general market recovery
almost all of the provinces are growing transaction, although not growing and we expect prices
into other areas director of information and analysis for business Sareb.
According Sareb, this increase is essentially due to a dragging effect by the big cities that have
by contagion or suffered sharp increases in prices, which has caused a shift in demand to these areas of
metropolitan crowns Madrid or Barcelona. In large capital
expulsion
 twenty-one THE PROTAGONISTS
Malaga has become the most dynamic residential market in Andalusia. ISTOCK Zaragoza is a market that has recovered and has been renovated with great interest to developers. ISTOCK
see two big moves: a latent demand that can not find the product that meets your needs and
that surely is delaying their purchase decision pending the result of new construction, and
demand expulsion caused by a lack of stock and price increase has dynamism generated in the
80%
municipalities of the periphery of these cities.
Second-hand housing
account for over 80%
of operations
On the other hand, in the coastal areas there has been a large volume of foreign capital that has
seized levels even lower prices to purchase product, which has affected these markets. And finally,
major cities, but still they were not in price growth, have joined the uptrend, as Valencia, Zaragoza,
Sevilla, Malaga and Alicante.
Oscar Hernandez "The path of the great capitals will always generate similar behavior by
contagion or expulsion. The reality is that many of these second markets have been greatly helped
by tight supply and high prices of big capital reactivating demand towards other areas of the
periphery thereof. On the other hand, has nothing to do with Madrid and Barcelona what
happened in the capital have named before, nor of course with
the Echo nomistic Real estate
the growth in the islands or coastal areas, which are in demand and clearly encouraged by
the improvement of tourism in Spain ".
In the end, experts say, the behavior of Madrid and Barcelona has revealed the buyer was in
doubt that the setting has finished, so that doubts about venture to buy, have fallen in a country
prone to property, the general trend encourages demand was expecting, even elsewhere.
There is a clear tendency to pick up speed in all territories, especially in areas near major cities
and islands and tourist areas. A Madrid and Barcelona cities like Valencia, Zaragoza, Sevilla,
Malaga and Alicante and if we left the provincial capital, Las Palmas, Santa Cruz de Tenerife or
incorporated Guipúzcoa maintain excellent performance. It is also remarkable growth in general in
Almeria, Girona and Cadiz, where the improvement occurs in many municipalities, not being the
provincial capital which leads. "In Spain there are almost as many markets as municipalities and
sometimes neighborhoods, so the general trend found in almost all kinds of behaviors. For
example, the current numbers of Alcala de Henares beat Madrid to the capital itself, "said Oscar
Hernandez.
 22 THE PROTAGONISTS the Echo nomistic Real estate

Sevilla adds to

Supply in secondary markets is mostly secondhand. On the outskirts of the big cities you can rising prices as stagnating
see new developments due to the effect expulsion by the lack of available land in the capital.
market recovery. EE
markets
However, in capitals more secondary regions themselves are beginning to see new developments.
■ Zamora and Palencia

There is a market recovery

widespread and expansive

Second-hand housing housing. Not all areas are positive

"The second hand continues to represent more than 80 percent of operations -this year above 85 developments, there are cities

percent are transactions between private and new work visas, but are more active than in such as Zamora and Palencia

previous years, continue in prudent figures. Thus, 2006 more than 850,000 homes and this year where prices are still well below

-record started from 2012- has been requested leave to approximately 100,000 residential new 2012 and continue to fall.

construction. It is clear that while the new work is concentrated in Madrid, Barcelona, ​coast and
islands will not be possible to overcome the 150,000 or 200,000 homes, so until the developers do
not put the focus on areas that start to grow, it will be difficult to the new work wins presence in ■ Submarkets in Madrid
front of the second hand "asgura Oscar Hernandez. The property sector has many

submarkets and behavior is not the

same in all of them: if we compare the

municipalities of Madrid, for example,

While developments in prices is growing Sareb says that we are still quite far from boom we find areas like Ciempozuelos or

prices, however, in the most dynamic areas this expansion phase is much closer to the pre-crisis Mejorada del Campo, which still

prices. "If the economy does not meet expectations keep growing and conditions of access to growing transaction price continues to

housing not improve these price increases will stabilize. In addition to the general conditions of the record adjustments and municipalities

economy, it is almost impossible for a boom situation is given because, for example, mortgage as Algete which has been softening its

financing is around 25 percent of the volume recorded in the boom to come. The current price war setting prices while the volume of

among banks is to attract the right customers, but not to capture a volume at all costs ". transactions has grown considerably.

We can therefore conclude that the specific situation of lack of product in Madrid, Barcelona ■ provincial averages
and some other municipality, is not widespread and that we are in a very healthy industry time. Focusing on provincial averages,

According Sareb, it is normal that the rise in housing prices where transactions have already Ourense, Lugo and Ciudad Real are

reacted to the time of adjustment and the rise is moderate falls-without going into specific still looking for the goal that clearly

situations in these maximum accelerate. Experts say they are already seeing demand moves out active transactions price, which in a

to look for more affordable product and how other factors have helped climbing in price as is the second phase will lead to the

increase in rents, is moderating. recovery in price.

design
thinking of you

690 6 June 06
www. Gestilar. com
24
Patricia Alonso
Pérez-Llorca lawyer
The hotel leases
constitute a contractual
figure used by the
employer or investor
profile
more conservative
and "patrimonial" do not
want to lose
Property Property
OPINION the Echo nomistic Real estate
Leases in the hotel
sector
L continuously in recent years beating historical records. The year
2018 has in
as hotel investments closed
Spainon a high
have exceeding the excellent results of 2017. To a large
grown
extent, investments in this sector have been accompanied by the
repositioning of many complex and construction of new buildings for tourist
traditional and more innovative formulas that have been born as a result of the
needs and evolution of the market-for example, hotel management contracts,
lease both property and business or industry and franchised contracts.
use in the Spanish territory. The appetite for large funds to invest in hotel The hotel leases constitute a contractual figure used by the entrepreneur /
assets in Spain and the good progress that has been presenting the sector in investor with a conservative profile and perhaps more "patrimonial" do not want
recent years has given a big push to operators of hotels and tourist to lose ownership of the property and seeks to obtain a -lays or partially fixed
apartments turning to open old debates about the nature of the different types income component variable depending on the benefits of hotelero- business
of contracts through which configure the occupation and exploitation of these without taking risks or operational activity
assets.
-the exponent end of this mode is the "triple net lease" -, and, among others,
investment vehicles covered by the system of listed companies to invest in the
real estate market, also known as SOCIMIs structure increasingly used foreign
To identify the most appropriate contractual figure for each operation, the first investors, whose purpose is not compatible with the direct exploitation of the
thing you have to determine is what is the purpose of it, what rights and assets acquired. Within this contractual structure we find two types of contracts,
obligations will each of the parties and ponder what risks they want to take the leases and leases local business or industry.
holder of the asset during the period Contract period. In the tourism sector the
same asset can be exploited by very different contractual arrangements, some
more
 25
The reality is that the distinction from a legal point of view between
-edificación hoteleray lease property leasing business -Industry hotelera- is very
important if we analyze the rights and obligations of each of the parties. The
main difference between these contracts is that, while in leasing premises rests
with the real estate assets, "brick" and is governed by the Law of Urban Leases
(LAU), the leasing industry rests one hand on property, as support material, and
secondly, on the industry that develops in said property, and escapes from the
scope of the LAU, submitting to the will of the parties and the Civil Code. Further,
we must point out the various implications that may be released upon completion
of the different types of leases. In particular, we emphasize labor and tax
consequences in some cases might have for the lessor the termination of the
lease industry when this involves the reintegration of the business because it
could trigger one hand the so-called "business succession", subrogating the
lessor in labor contracts linked to the business as a new employer and, on the
other hand, taking this as jointly and severally liable for all tax obligations by the
lessee as a result of succession in economic activity,
OPINION the Echo nomistic Real estate
The Supreme Court has repeatedly stated that the lease be qualified as
industry when the legal transaction meets for its object in addition to the lease of
the premises, the lease of the business or industry in the set, is an equity unit
life and susceptible It is immediately exploited or pending to be mere
administrative formalities for the new, which the company has the intention to
continue the business developed earlier by the landlord and not start a new
activity and that the elements that integrate business or industry may have life
own and are unfit for use for which it has been hired. Patricia Alonso
Pérez-Llorca lawyer
Although the doctrinal and jurisprudential position is clear on what the
boundaries separating each type of contract are called to our attention that in
practice it is common for owners and operators sign leases local camouflaging its
object an assignment the hotel business or vice versa, in order to, in the first
case, benefit the lessee of the protectionist regime of the LAU or lessor of
procedural facilities in matters of eviction in case of default, and the second for
trying to escape rigidity and requirements of this standard. However, this strategy The distinction from a legal
is a double-edged sword, since often makes contracts are cumbersome, complex
point of view between
without clear regulations on what are the limits to the responsibility of each party,
making finally left to the discretion of a judge regulation to be applied to the
leasing and property leasing
relationship. We must not forget that contracts are what they are and not what business is very important if
the parties want them to be.
we analyze the rights and
obligations of each
 26 CONSULTANCY the Echo nomistic Real estate

L
the Pulsometer Property, says the upward trend in the sector with a very attractive
return for investors compared to other alternatives. "The growing trend of the
different variables measuring the Pulsometer industry is confirmed, since the
a Real Estate Business School Chair in his XXVII Edition
increase
of purchases and mortgages visas, work started and the number of completed homes that have

EXPECTED FOR 2020 exceeded their turning point and activate growth by generating five direct jobs for every new
finished housing, with certain gaps between current market needs and capacity productive, "said

77,000 NEW HOMES

Jose Antonio Perez, CEO of the Chair Real Estate Institute of Business Practice (IPE).

COMPLETED IN SPAIN This report annually, delves into the analysis of the main indicators of housing activity at
national, regional and provincial levels. As for the levels of new work, the trend in the number of
The 'XXVII edition of the Real Estate Pulsometer' confirms the upward trend in the projects approved in Spain exceed the ceiling of 130,000 homes this year and in 2020 will reach
sector with attractive investor returns but with mismatches between market need 140,000 homes as a result of the growth rate of housing countersigned recorded in 2018, higher 18
and productive capacity percent and the pace of new construction start, even rose above 34 percent.

LUZMELIA TORRES

José Antonio, the changing trend in the sector is consolidated but thinks we can not throw the
rooftops. "If you look at the year 92, there was a ceiling of 200,000 visadas homes and are now
passing the barrier of 100,000, then it is true that there are double-digit growth but we fell a lot.
This consolidation is already done and is growing steadily in the vast majority of the variables at
the level of Spain but there are very different local cases so it is not a general trend in the sector ".

But if we focus on Madrid, David Ortega, director of training as Chair in Real Estate, he says
that "unlike Spain growth in this community is between 15 and 20 percent which is a growth
above average . Madrid represents 20 percent of the new development of the domestic market ".

Another variable highlighted in the report are building permits, which aims to continue with a
mismatch for not having concrete demands and by the time of licensing, which is penalizing labor
and employment. "Hardly in 2020 we will have building permits for

100,000 homes when we are aiming at 140.000, then there is a percentage of 40 percent of
mismatch at the level of Spain that even though there are sites
ISTOCK
 27 CONSULTANCY the Echo nomistic Real estate

Radiography of housing in Spain

Communities weight (%) Average value of sales in euros
ANDALUSIA ASTURIAS CANTABRIA P. VASCO NAVARRE 100,000 to 150,000 EUROS

No. HOUSING
visadas
TRADING STOCK
3 two 3 two one two 5 4 two two two 0.6 GALICIA

CASTILLA AND LEON

GALICIA CANARIES
C. LA MANCHA
4 4 7 3 two 3
EXTREMADURA

RIOJA CATALONIA 150,000 to 200,000 EUROS

0.3 1 two 15 14 4

Castile and Leon C. VALENCIANA

4 4 9 Nov. 10 40
NAVARRE

MADRID LA BALEARICS CANTABRIA

THE RIOJA

20 19 one 3 3 0.4 C. VALENCIA

ASTURIAS

MURCIA
ARAGON
C. LA MANCHA MURCIA
ANDALUSIA

4 4 13 two 3 4
200,000 to 300,000 EUROS
ESTREMADURA ARAGÓN
P. VASCO
two one 0.3 6 6 one
CATALONIA

KEY
MADRID
18 20 10
BALEARICS

CANARY ISLANDS
Large numbers of housing in Spain (in thousands)

PROJECTS LAUNCHED NUMBERS OF PROJECTS VISAS FINISHED PROJECTS BUYING NEW HOME SALES V. VALUE OF NEW MEDIA BUYING HOUSING IN STOCK

134 141 77 227 281

97 100 62
70 100 106 203 217
87 108128 54 83 93 189 218 204 193
64

2017 2018 2019 * 2020 * 2017 2018 2019 * 2020 * 2017 2018 2019 * 2020 * 2017 2018 2019 * 2020 * 2017 2018 2019 * 2020 * 2017 2018 2019 * 2020 *

Source: Chair Real Estate. (*) Forecasts. the Economist

and Madrid with automation and digitization initiatives are not getting results, "said Jose Antonio Spain. "These figures tell us that to grow we now have serious problems due to lack of skilled
Perez. labor to work with new materials which represents a challenge that will have to address the
All these indicative lead to the finished housing, ie, when the work is finished and you leave this construction," said the director of Real Estate Chair.
strip occupation and the report notes that there is still a barrier to reach 100,000 homes. This year
will reach 70,000 units in 2020 and 77,000 homes in In the same vein the sale of homes of new construction in Spain will break the ceiling of
100,000 units this year but you have to
 28
Keep in mind that 100,000 new homes are against 400,000 homes being sold second hand. The
heart rate monitor ensures that there is no demand in the new work requirements that require, for
example, senior boom, who they are older than 50 years and up more than 40 percent of the
population, and its aim is a return to city centers so that the sector has among its challenges you
to adapt housing to the specific needs of each moment and life stage customer.
Housing prices in Spain rose by 6.87 percent. If in 2017 the average value of housing
purchase new construction in Spain was 189,751 euros, this year stands at 217,190 euros and
the forecast for 2020 is 227,045 euros.
"In Madrid last year, the average value of a home purchase new construction was 250,000
euros and this year is 300,000 euros on average. There is a growing trend in Madrid that is slightly
above average in Spain, "explains David Ortega.
On the other hand, the stock continues to drain, has gone from 281,847 meters in 2017 to a
forecast for this year of 204,955 meters and by 2020 we will have a stock of 193,806 meters.
According to the pulsometer of Real Estate Chair,
CONSULTANCY the Echo nomistic Real estate
"Oropesa del Mar (Castellón) is where 20 percent of the stock is in Spain with Seseña in Toledo
and Doña Julia in Estepona." They are homes like no place on the market for sale but could
exploited as tourist uses, "said Jose Antonio.
However, the housing stock is nonexistent in Madrid as David Ortega says, "In 2007 in Madrid
had a stock of 50,000 homes, but today, we can say that there is a stock of nonexistent housing in
Madrid".
Other information contained in the report on Madrid in the number of projects approved. If they
were 25,000 in 2018 for this year is expected to total
26,500 visas and housing projects completed in Madrid, if in 2018 were 14,000 for 2019 will be
15,000 units with a growth of ten percent. As for the sale of homes, in 2018 a total of 17,000
units were registered and this year are expected near 19,000 units.
The report concludes that current trends rising new construction will remain at the
national level, considerable in the coming months unless the lack of auxiliary industry and
labor professional and skilled labor is not correct and prevent adjust these rhythms sales and
reservations of new housing.
ISTOCK
30 IN BRIEF
Miura and Gloval Charme create
a new giant pricing
Miura Private Equity funds and Charme Capital Partners
have entered the largest market pricing and valuation of
Spain with Gloval door. The new company is the result of
the merger of three consolidated like Ibertasa, Valtecnic
and VTH, following its recent integration start rolling from
now through the brand Gloval valuers. The new firm pricing
scale to second place by turnover in Spain, with aggregate
revenues of the three firms that compose 45.4 million at the
end of 2017, ranking behind Tins, according to data from
the AEV .
Utopicus invest 30 million to
triple its size
Utopicus, company and coworking Colonial flexible
spaces, will invest some 30 million euros to more than
tripling its size and close 2020 with at least 13 centers that
will add about 36,000 square meters. The latest addition
to the company's portfolio will occur next week when it
opens its flagship local, number 4 of the Gran Via in
Madrid. This will be the flagship of Utopicus in the capital
and before opening it was already rented 50%. In addition
to the upcoming opening of Gran Vía, Utopicus opened in
late 2018 two other centers in Madrid.
the Echo nomistic Real estate
IBOSA sold in record time the
project Moneda y Timbre
The bid for the site of the Mint in central Madrid Almond,
became one of the most hotly contested auction in 2018.
This year soil, the ground becomes a protagonist, after
IBOSA has managed to sell all homes in less than two
months. The management of cooperatives took the most
coveted land in the capital on 20 November, after winning
the bid to 16 other investors. The floor, located at the
corner of Calle Doctor Esquerdo Astros, has aroused the
same interest among home buyers since marketing began
in mid-October and was completed in about 50 days.
Via Célere, a pioneer in
industrialization in height
Via Célere takes another step in its production model and
becomes the first major housing developer lifting height
industrially in Spain. The first industrialized plurifamiliar
promote Via Célere be in Boadilla del Monte (Madrid) and
will have 17 homes that will range from 84 to 134 square
meters. In addition to this first promotion the company
has plans to build another of 26 homes, with this system
and also in Boadilla del Monte. The developer is
expected to deliver the first floors built in a factory next
year.
 32 THE THERMOMETER the Echo nomistic Real estate

BET THE COMPANY FOR

Recruitment in Grade A buildings
Variation: four percentage points
principal have been additions, representing 23 percent of recruitment, both in
the same building already occupied as in other buildings.

YOUR BUILDING Thirdly, there are the creations of companies, accounting for 19 percent of
operations, a subject with increasing relevance last year. Finally, consolidating

EFFICIENCY
Barcelona Madrid
offices, which has been less frequent representing only 3 percent of transactions.
2018 2019

100
Figures for 2018 recruiting offices are reflected several trends
such as companies bet more sustainable buildings. In addition,
the creation of companies entering the top three reasons for
seeking new offices
THE ECONOMIST
In the case of Barcelona, ​the main reason to hire office space has also
100
been the transfer, which involved 40 percent of the top transactions
1,000 square meters.
80 80 Large transfers away from the center
According to JLL points during 2018, major tenants in Madrid and Barcelona
have shown a very similar behavior in choosing their new location. '' The
shortage of product in the center of both cities has caused, among other factors
such as the quality of the building, the vast majority of companies in the capital

60 60 and Barcelona have moved to outlying areas, "he explains firm.

When moving, users of offices in Madrid had maintained in recent years, in

Four. Five% the same submarket of their former offices. However, this trend changed

40 40 41% significantly over the past year, since in 2018 the majority (52 percent) zone has
been changed. By contrast, most (53 percent) of Barcelona transfers do not

AND
office in 2018, there are three involve rezoning, in line with movements in previous years.
key: transfers, extensions and creations of new companies.
According to property consultant JLL explains, during the
mong the motivations behind hiring twenty twenty

Last year, a new trend has taken hold: creating enterprises. "In previous years, Another trend that detetca JLL in the procurement market is betting offices
this meant a significant reason for hiring only, while last year has positioned itself of large companies for sustainability and efficiency of the buildings where they
among the main reasons for hiring office space in Madrid and especially in are installed. This is clearly reflected in the figures for 2018, the year has
Barcelona," says the firm. significantly increased the number of companies that have been installed in
0 0 buildings Grade A. Specifically, in the case of Madrid have been 41 percent of
the operations, while in Barcelona that it has occurred in almost half, at 45
In Madrid, the most transactions, namely 55 percent, consisted of percent.
transfers of companies. In the Spanish capital, the second plea
Source: JLL. the Economist
 3. 4 IN PROJECT the Echo nomistic Real estate

THE SALE
HOUSING,
THE PENSION
For older
The bare ownership has become the best way to sell an apartment facing the
reverse mortgage annuity or income because it allows the seller to stay home
until his death

LUZMELIA TORRES

AND
National Statistics (INE) 76.7 percent of households were in tenure or wholly
owned, both with outstanding payments as without them, in 2017. This figure is
even higher among those over 65 years. More than 87
spaña is a country of owners. According to the Institute

percent have home ownership which also accounts for 85 percent of their assets on average.

There is a new formula that real estate is becoming more common in our country because
housing has become our pension. An alternative to convert into an income housing. The average
pension in Spain of the entire system stands at 932 euros per month, but the repeated section is
between 600 and 650 euros. Today are many retirees who face the need to sell your home for the
loss of purchasing power of pensions or to solve economic problems or lend a hand to their
children or caregivers.

ISTOCK
 35 IN PROJECT the Echo nomistic Real estate

At a time of uncertainty about the future of pensions, the option of having an extra income
through the house seems to arouse growing interest among older people, but the option to sell and
homelessness does not attract and why It is taking place in the market formula to sell the house,
but continue living in it. "The bare ownership has become the best way to sell a home, compared
to what had been using: the annuity or reverse mortgage. And the Nuda allows the owner, and
especially those over 65, sell your apartment or home but instead continue to live in it until his
death, "explains Eduardo Molet, Real Estate Consultant Spanish financial entities and foreign ,

What is the bare ownership?

When you buy a house usually full ownership of housing is obtained. This is divided between
the bare property and the life interest. The first relates to the ownership, who owns the house,
the second, the right of actual use of the house, who can live in it.

The law allows you to sell the bare ownership. This modality in the real estate market is known
as selling the house with you inside or buy a home for life tenant. There are three ways to buy the
bare ownership depending on the form of payment or collection.

One is to buy the bare ownership with immediate payment being the most common way to
ISTOCK

proceed. It is exactly like a sale. The investor pays the homeowner money for housing, but it can
make use of your home while alive or during the time that both Executed. Naturally, the transfer of
use of housing does not come free. The homes of this type are sold with discounts ranging from 20
percent to 60 percent of the price, depending on factors such as the age of the person who will
6 housing will pay an amount which sells every month throughout life and when the seller dies, the
house will become yours and will have full control. This option is usually for older people who need
to supplement their income from the pension. The advantage is that if the investor does not pay
hold the usufruct. This is the easiest option to buy the bare ownership of a house.
Housing savings over 65 the rent, the owner recover the full ownership and not have to repay the money collected.
is 6 times the Conversely, the downside is that these allowances are not updated according to the IPC unless

accumulated in private agreed by contract and if not put in the contract value increasing income will be lower due to the
effect of inflation. In case they are two people who live in the house and one dies, a successive
pension usufruct, by which the other spouse will continue to enjoy the life interest is established.

A second formula is what is called real annuity. the sale of the bare ownership reserving the
usufruct in exchange for an annuity or temporary annuity, that is, the person buying is agreed the
 36 IN PROJECT the Echo nomistic Real estate

The key here is how the monthly or annual income is calculated to pay for housing. The two Cost savings in the
variables used are the value of the home versus life expectancy by age and sex data from the older person
INE.
The third alternative is to sell the wholly owned not only the bare ownership, which is what is ■ What pays the beneficial owner or
called in real estate one sale & leaseback. The owner sells the home, but remains as a tenant and former owner?

pays a monthly rent. In this case there is no life estate, but a lease agreement between two parties, Expenses proper use of housing,

with all that this implies. like ordinary share community

supplies of ordinary -consumos

According to Eduardo Molet "these two options reverse mortgage annuity and income are not housing water, electricity, gas,

the most profitable option for retirees because the conditions with which these products are offered etc., and the rate of urban waste.

are not very good. Interest accrues on the amounts received by generating a debt that pays the
death of the person greater or before, if the client freely chooses. The older person has no
obligation to repay the money, the heirs are responsible for liquidating the debt to the bank to the ■ What pays the new
death of the older person. " owner?
You should take the Property Tax

(IBI) and extraordinary

contributions. The investor would

Savings accumulated in housing also take over the continent

cumulative savings of Spaniards over 65 years in Spain housing is more than six times the insurance of the house and the

accumulated all private pension plans. "When we reach a certain age it is the time of dissaving. It costs of the operation, as the

is necessary to normalize the idea of ​using during retirement savings accumulated through the notary. These revenues also have

housing, opposite the culture of heritage that bound us to the idea that the house is for that inherit important attractive tax, and

our family, "adds Molet. exemptions enjoyed growing with

age -a 70 years add up to 92% -.

Therefore, Molet ensures that the Nuda property is a sure formula for older people who
maintain the use and enjoyment of the dwelling with the maximum legal guarantees in public deed ■ Can you cancel?
before a notary and registered in the Land Registry. And the seller guarantees the use and Unlike reverse mortgage, unless

enjoyment of your home forever. The main advantage for the seller is that you can continue to use improbable agreement between the

the property and receive the money from the sale immediately and at once, and everything is parties, the sale of the property has

notarized by a notary. And the great advantage for the buyer is that housing prices in bare no reverse gear if done.

ownership are below market prices, being a very profitable investment, because when the usufruct
ends, a property will be greatly appreciated. In addition, investment has a social dimension, ■ What if one spouse dies?

This situation is often very frequent

and the operation will not end until

the death of the last of the two

holders.
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 38 TREND the Echo nomistic Real estate

EE

S
THE PROMOTER COMMITTED regardless of the season an option is the use of aerothermal which is one of the
clean and renewable energy less known to consumers. Aerothermics is a

AEROTHERMICS AND GROWS 70% renewable energy source fail

i want to have the perfect temperature at home
the energy stored as heat in the air around us and allows us to meet the demand for heating,
This system uses heating and domestic hot water (DHW) in new construction homes to comply with the directive 20/20/20 cooling and domestic hot water in our house. It is recognized as such by the European Directive
that promotes energy efficiency and renewable energy use 2009/28 and will be mandatory from 2020.

LUMELIA TORRES
 39 TREND the Echo nomistic Real estate

It is one of the most efficient ways to heat or cool homes and allows us to save up to 75 Advantages if used
percent in our billing systems. "The aerotermia is a technology that primarily uses energy to heat aerotermia
air spaces. It is used in air conditioning systems and cooling radiant floor heating systems and
low temperature for the production of hot water achieving savings of up to 75 percent. Is one of ■ There are no radiators

the most efficient for heating or cooling housing systems, "said Rosa Peña, chief operating officer Distribution of cold and heat, to be on the

at Via Célere. ground, is much more uniform and comfortable.

There are no radiators that hinder furnishing

and consume useful area housing. It is a much

cleaner system, working at low temperature, it

It is a system that manages to generate the perfect temperature both in winter and summer and favors the increase of production system

produces hot water in a simple, economical and respectful to the environment by transporting heat performance

rather than generate it. Even can heat the rooms where the temperature is below zero. At this
point, it sure seems quite unlikely that you can produce energy from the air. The truth is that you ■ individual measurement

must know that any temperature above absolute zero (-273,15ºC) contains energy that is perfectly centralized, single measurement, each neighbor pay

usable by a team of aerotermia. for what you consume.

■ No boiler
It does caldera fault and therefore no gas

connection, so you save on your monthly bill,

The new
The operation involves the utilization of the energy contained in the ambient air, a heat pump in addition to free up space kitchen or utility
development
absorbs energy and uses outside air and transforms the heating circuit housing can be floors. room. Célere Domeny in

Specifically, the outdoor unit functions as an evaporator -cede cold winter environment-. ■ Not solar panels are installed Girona offers
aerotermia
Meanwhile, the indoor unit acts as a condenser and, thus, transfers heat to water heating circuit No need to install solar panels because it is a
this system. VC
and / or hot water. renewable energy.

■ No installation of air conditioning

You do not need an air conditioner, which
Thus, as already overtook you, but not reach 0 ° C, the outside is full of energy that we can use can sometimes be uncomfortable air
to our advantage. One of the main strengths of the aerotermia is that it is a clean and cheap currents generated or even unhealthy. It
energy. In fact, it is possible to extract up to 75 percent of the energy of air from the atmosphere may employ less electrical power.
and only 25 percent of electricity. Besides producing for heating domestic hot water and in turn
cools the housing environment in summer. ■ cost savings
Economic savings for customers is important
and can lead to savings of more than 1,000 euros
"The most important thing with what we have to stay is that it is an energy that does not burn per year
anything, therefore, does not emit fumes. And combining electrical, mechanical and ■ Sustainability of the planet
brands in the industry say aerothermal boilers are able to heat homes up to 25 percent cheaper
than natural gas. Meanwhile, when compared to diesel boilers, savings can reach 50 percent,
therefore, according to industry experts is a very cost effective option.
Other advantages that make it a very attractive option, which does not require flue gas
evacuation and is a commitment to environmental sustainability as it basically uses a clean and
renewable energy. It is also very safe since the absence of a storage tank as fuel gas, oil or
biomass, there is no risk of a domestic accident.

thermodynamic energy to take advantage of outside air, "said Rosa Peña. The issue of waste is minimal and does not harm

the environment. CO2 emissions are negligible Aerothermics offers comfort benefits because it is able to provide heating, cooling and hot
Heat pumps air have become fashionable and several studies support its use results in and contributes to the sustainability of the water getting the perfect temperature all year round with a comfortable atmosphere and
considerable savings. Thus, some planet.
 40 TREND the Echo nomistic Real estate

very good air quality. Aerothermics offers economic benefits because significant savings on
electricity bills by using natural energy from renewable sources and free. 75% studies aerotermia systems generate a quarter of CO2 emissions that electric, half-based diesel
and 10 percent less than those using gas.

This energy also offers environmental benefits because it is a highly sustainable and efficient
technology that achieves multiply the performance of the equipment and reduce indirect CO2
emissions through the use of renewable energy.
Via Célere it is one of the promoters who opted for the aerotermia in promotions as it is an
ideal for cold and hot water and sanitary housing needs option. Some of the promotions which
offers aerotermia is in the Residencial Célere Méndez Álvaro in Madrid, Célere Domeny in
Girona or Célere Cruces Basque Country.
According Eurofred, the use of Aerothermy as heating and
domestic hot water (DHW) in new housing grew by over 70 percent
last year. "This technology is becoming the trend and the preferred
choice for developers, because it is not only more efficient and
economical for the end user than traditional systems, but also is the
one that best suits Directive 20/20/20 of the European Union, which
will be mandatory from 2020, which aims to combat climate change. "
This system allows you
to save up to 75% on the Anticipating Directive
energy bill of your home The use of air conditioning systems based on Aerothermy allows real estate developers and
individuals to anticipate the entry into force of Directive 20/20/20 using technology present and
future, based on the use of renewable energy and offers maximum energy efficiency.
Currently there are rules of national, regional and municipal governing mandatory use in new
construction insulation systems, air conditioning and lighting to reduce environmental impact and,
in the case of air conditioning, aerothermics exceeds current requirements and established
Directive 20/20/20. Furthermore, it can be combined with other sources of renewable energy
photovoltaic and solar thermal energy. Directive 2009/28 / EC of the European
Parliament and of the Council of 23 April 2009 on the promotion of the use of
energy from
renewable energy sources provides in one of its points, control
of energy consumption in Europe and the increased use of

energy from renewable sources, together with

energy savings and increased efficiency

energy, they are an important part of

The new policy promotes energy efficiency and the package of measures needed to
use of energy
renewable and environmentally friendly, based on three objectives. First, reduce emissions
to reduce by 20 percent the greenhouse; the second, to obtain at least 20 of greenhouse gases.
percent of the energy from renewable sources; and the third increase by
20 percent the energy efficiency of the systems.

"Of all the options of heating and ACS Marta explains Thomas, Industrial
Marketing Manager in Eurofred- aerothermics is the greenest and most
efficient technology because it uses the energy contained in the air. "
according to different
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www.quabitsonparc.com
42 OPINION the Echo nomistic Real estate

Housing committed to the

planet

J
José María G. Romojaro
Technical Director AEDAS Homes
The disappearance
March 15 to protest against climate change. Facing no opposition
from governments, policymakers demanded real and effective to save
oung around the
theworld tookfuture
planet's to theactions.
street It was the first major protest of a new
phenomenon globally in defense of the Earth.
In real estate we are very aware of the impact that our activity can eventually
lead to the quality of life of people. Therefore, it is necessary to implement
innovation strategies focused on environmental sustainability and where, in
general, and energy efficiency, in particular, are part of the identity and culture of
corporate commitment. On the other hand, and due to the inefficiency manifests
Giant in solving economic and environmental problems in the current
building.
Industrialized construction, also known as
Offsite or outside of the site, it allows you to plan, design and build homes far
from their location. It consists of a system module production in modern
assembly line in a factory then transported and assembled on the plot. This
construction process minimizes work performances and therefore is optimized
runtime.
The disappearance of much of the machinery on site enables the reduction of
carbon emissions and mitigates the significant visual and acoustic impact posed

of much of the the sector continues to perform a traditional construction still supported by by field work, which always cause discomfort to citizens. In addition,
artisanal systems and maximizing the benefits they bring new technologies industrialization makes possible the use of highly developed components that
machinery should be encouraged new business lines in which it industrialise of can be reused after their service life.

Job site enables comprehensively the process of design and construction of housing. In this way,

reduction In short, housing Offsite show that industrialized architecture is the building of
carbon and the future, capable of meeting the highest environmental standards. They
represent a intelligent building much more efficient and sustainable and,
mitigates the important
therefore, committed to the planet.
visual and acoustic
impact posed jobs

on the terrain
 44 IN EXCLUSIVE the Echo nomistic Real estate

Gestilar JOINS THE 'carsharing' IN THEIR

D
our big cities to make it easy and sustainable mobility and reduce any

HOMES concerns related to getting around downtown or getting to work or college.

ince a while ago electric cars have invaded

It is the first developer offering its customers shared electric cars to the Community enjoy the advantage of being Thus, we can find cars with two seats or some larger for the whole family, motorbikes or
able to access and park in the center without restrictions bikes for the boldest, and most recently, electric scooters with which you can get anywhere at
the speed of light.
LUZMELIA TORRES

It has always been the practice of 'car sharing' to save money on gas and to move in a more
sustainable manner. But technology has changed all that and in just a few minutes you can see
which vehicles are available to move around the city and to share costs with your partner, whether
a colleague, friend or relative.

New times have come for the real estate sector, which is evolving towards digitization, both how
to communicate with your prospects as well as your sales processes. And not only the integration
of new technologies in construction but give added value is sought. A few years ago the added
value in a promotion was given to incorporate within the community pool, paddle tennis court or
gym. Today we must take a step further and now has come the turn of neighboring communities,
who can join

carsharing practically without leaving home. In this sense, the real estate developer Gestilar is a
pioneer in providing the residents of their promotions a new form of sustainable mobility through
parking spaces equipped with charging plugs and infrastructure in order to foster collaborative
economy.

Since the promoter are clear that the Community carsharing be part of the new model
improvements that future home owners will be interested. Gestilar, property developer led by
Javier García-Valcárcel provide all the infrastructure so that residents can implement their own carsharing.
The promoter will provide a number of parking spaces for electric car equipped for this purpose,
which can be enjoyed by the community.

"Betting on innovation is always one of our fundamental premises. This is a great benefit to the
community and endowing, practical and consistent with the times services. We work

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 Four. Five IN EXCLUSIVE
Pedrosa promotion of Gestilar Island in Valdebebas (Madrid) will offer 'carsharing' clients in the community. Gestilar The promotion Mediterrania Mallorca Gestilar also incorporates electric car sharing among its neighbors. Gestilar
to create increasingly complete and exclusive communities, "said Javier García-Valcárcel, Promotions with spaces for
president of Gestilar. To this end born electric cars with its own
Tender2Communities by Gestilar, a commitment to the environment with which Gestilar adds to 'carsharing'
the momentum of sustainable mobility. "The electric car is an effective tool that enables us to
achieve the goal of zero emissions and foster collaborative economy through the use of shared ■ In promotions Gestilar as Isla de Pedrosa
cars. So Gestilar conditions the parking spaces for the car within the community improvement. and Isla de Cortegada in Madrid and the
We want to be an agent of positive change for society. " García-Valcárcel added. Mediterranean promotion Mallorca and
Voramar in Badalona, ​the company will
provide a number of parking spaces equipped
for the electric car, which can be enjoyed by
user community in order and install your own
Advantages of access and park in the center without restrictions 'carsharing'. In addition, the technology also
The owners of future housing Gestilar, enjoy the benefits of having available, in your own garage, joins this concept because if the neighbors
these vehicles on a daily basis. Also, they enjoy the advantages of unrestricted access and park in want to be able to incorporate an application
the most central areas of cities. A whole concept technology adds as if the neighbors want, will be with which to manage stocks of cars in the
able to incorporate an application with which to manage stocks of cars in the community. community.
the Echo nomistic Real estate
Applications, as developed by the Spanish company Eccocar, allow them to meet neighbors
availability of electric cars, charging status and kilometers that could do as well as open and start
the vehicle.
Tender2Communities by Gestilar, is already part of the DNA of the company and will be
officially presented to customers in the SIMA to be held in Madrid on 30 May, where you can see
the availability of promotions with this improvement.
Therefore, residents of these future homes will enjoy the benefits of having available, in your
own garage, this service on a daily basis. As well as the advantages of unrestricted access and
park in the most central areas of cities.
Gestilar, with this new project reinforces its commitment to sustainability as evidenced
achieving maximum energy certification in some of its promotions as Isla de la Toja, Estelas
Islands and the Isle of Arosa. Thus achieves CO2 emissions reduced and also a reduction in
energy demand of the building. Therefore, they have acquired a clear commitment to the
environment by using materials and components that improve the sustainability and efficiency of
their homes.
 46 OPINION the Echo nomistic Real estate

CHARACTER

plan
No bubble: the price falls Juan Antonio Gómez-Pintado
President Via Célere

in 14 cities
Juan Antonio Gómez-Pintado, president of Via Célere and Asprima, is one of the most

renowned directors of Spanish real estate market. During his stay in this sector, which
By Alba Brualla
has created and successfully sold two companies in just a decade, the manager has

always been committed to bring innovation and efficiency to housing in Spain. For

AND
years, Gómez-Pintado capitanea market industrialization through Via Célere, now
He considers that it is producing an increase in housing sales, but that "there is a housing becomes the first developer in applying this construction technique in high-rise
bubble, but this growth is being healthy
l Association and of
of Registrars sustainable," says
the Property and Fernando
Mercantile Acedo, Director of
of Spain housing. The first promotion made in a factory by Via Célere is expected to be

Institutional Relations of the collegial body. They are not alone recorders which move away in the delivered next year and will be located in Boadilla del Monte (Madrid).

shadow of a new brick crisis, the figures also support what they say many other experts in the housing
sector is that Spain is moving endless speeds, because while there are cities where the prices have
already broken their roof highs during the boom times, in others, continue to fall. Specifically,
THE AMOUNT
according to data from Tinsa, the average price of finished housing and usada- -New prices rose 4.9
percent annually in the first quarter of 2019, to EUR 1,349 per square meter, representing the tenth
Fever rent in Spain has raised prices of rents to exceed
consecutive quarter of increase in prices nationwide. The valuer notes that while the annual growth eleven They the highest temperatures of the precrisis period. This
rate in Madrid and Barcelona, ​seven capitals grow at double-digit moderates. Thus, Burgos, are the capitals that
situation has given up in four provincial capitals,
are dangerously
Valladolid, Malaga, Zaragoza, Valencia, Tarragona and Palma de Mallorca in the first quarter show including Madrid, Barcelona, ​Palma de Mallorca and
close to the
appreciation than 10 percent po percent. But on the other side are other provinces where prices Malaga, where rental prices broke over 2018 ceiling
maximum prices of
continue to fall at rates up to 10 percent. Thus, notes Tins, "the progressive expansion of the recovery that these markets had reached before the bubble burst
rent
is focused mainly on the outskirts of large cities, so still observed in situations market price from 2007 are and 2008.
adjustment". Specifically, there are 15 provinces where the average price is lower than a year earlier,
with Zamora, Lugo, Albacete and Soria with falls exceeding 5 percent. Among the capitals, up to 14
THE 'retweeted'
cities recorded in the first quarter year declines, approaching 10 percent in the case of capital as Lugo
and Soria.
@ soyevadiaz The Bank of Spain admits that the
younger generation 'will pay the
duck' of rising mortgage

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