With Portugal in the midst of a record-breaking real estate boom, law firms are strengthening their practices to meet the corresponding increase in demand for legal services, says pbbr partner Pedro Pinto.
The prospect of a potential increase in interest rates, in addition to the political situation in Catalonia, could impact real estate investment in the coming months.
Sector has been boosted by boom in SOCIMIs and increased residential development activity – however, Spanish real estate industry lagging behind when it comes to digitalisation.
Portugal needs to change its planning system in order to accommodate a new wave of international real estate investors, says Caiado Guerreiro partner Tânia Pinheiro.
Though there is still a steady stream of major international property deals, there are signs there could be a future downturn, with the result the market becomes more challenging, says RLD lawyer Rafael López-Dié
Spain may benefit from increased numbers of international funds and high-net-worth individuals turning their attentions away from the UK due to Brexit.
Issues that need addressing include the construction contract as well as administrative issues, such as permits; meanwhile, office space and rented apartments in Spain are attracting investors.
The hotel and leisure industry is driving considerable deals activity in the real estate sector, with a significant number of projects underway in Madrid, says Carlos Trénor, partner at Ventura Garcés & Ló
Effective due diligence will help investors predict the likely outcomes of planning applications – meanwhile, good architects that understand the planning system are vital.
Real estate clients are increasingly asking their legal advisers to help them search for potential deals, says Jesús Conde, real estate partner at Araoz & Rueda in Madrid.
