You've spent a decade at the helm of the Association of Real Estate Consultancies (ACI). What are the main challenges facing the sector and is there a coordinated strategy to address them?
Our sector is facing a raft of challenges, but I've always believed that the solution lies in public-private partnerships. We must adopt a more flexible approach to land use, do away with some of the bureaucratic red tape holding us back, and manage public assets more efficiently. We also have to commit to ESG standards and embrace the latest technology, particularly the advantages offered by Artificial Intelligence.
By doing so, we can ensure that Spain remains the number one choice for international real estate investment.
It is becoming an ever-more globalised market, but also a more competitive one. It is therefore vital that Spain continues to draw in foreign investment. What are the strengths of the Spanish real estate sector?
The real estate sector has stood tall and weathered many an economic storm in recent years. Real estate consultancy firms have played a critical role, demonstrating adaptability and versatility in the face of a rapidly changing market climate.
There are a variety of reasons why funds and investors select Spain as their destination of choice for real estate development projects. With a favourable climate and a wealth of outstanding services, Spain is one of the world’s leading tourist destinations. The country hosts some of the world's top sporting and cultural events, while it is also becoming increasingly popular among digital nomads as a base for remote work. ACI firmly believes that a stable regulatory framework is vital to the country bringing in this investment and promoting sustainable real estate development.
Do you believe that the real estate sector plays a pivotal role in making Spain competitive on the world stage? What should the sector focus on moving forward?
The real estate sector is indeed a key driver of economic growth in Spain. We must remain at the forefront of innovation and apply the latest advances across all our properties. This includes prioritising innovation in energy efficiency, integrating smart home technology and leveraging AI and data analytics.
In Madrid for example, we recently signed a collaboration agreement with ASPRIMA to launch the Trinity project, which aims to give the region another competitive edge. This initiative offers a new way of increasing our housing stock, is one that could be implemented nationwide and that could see Madrid take the lead in addressing Spain's housing struggles.
How does the consultancy market in Spain compare to other European nations in terms of professionalisation? What steps can be taken to maintain a competitive edge?
Over the 11 years since ACI was formed, one of our core missions has been to advocate for the highest professional standards within our sector, which has always been a key driver of economic growth in Spain. True professionalism is rooted in strong ethical principles and a commitment to achieving excellence, which must shine through in every aspect of our work.
Reflecting on our progress over these years, we've witnessed significant advances in the market, continued professional development in our teams and a commitment to some of the highest standards of quality in Europe. In the past year, we introduced a Standard Valuations Code, which we have shared with companies across the sector.
What types of professionals does the real estate sector need in today's complex and ever-changing market? Looking to the future, what new disciplines will real estate consultancies need to take on board?
The consultancy firms involved with ACI are deeply committed to nurturing talent. We actively participate in various levels of training and are fortunate enough to work with some of the most outstanding professionals in the industry. There are numerous opportunities within the sector, as real estate offers both a promising future and high employability.
Securing top talent is critical. Do you believe younger generations are interested in real estate? What more can be done to attract the brightest young minds?
Attracting the best talent is indeed critical and we are actively focused on doing this. We work closely with the academic community, building partnerships with universities and training centres. Our members have long been involved in talent recruitment initiatives, and ACI is committed to expanding these efforts in order to further support young professionals in their career development.
Our membership includes the top eight real estate consultancy firms in Spain. We represent a workforce of over 200,000 professionals globally, including 4,300 in Spain. These firms grow in size every year and are committed to equality and diversity in the workplace. They strive to offer stability, flexibility and opportunities to seasoned professionals and newcomers alike.
Emerging technologies such as Artificial Intelligence (AI) are rapidly disrupting many industries. What impact are they likely to have on the real estate sector?
Digitalisation and AI are significantly reshaping the economy and the real estate sector is no exception. AI can enhance sustainability by optimising our climate risk models, offer a better, more bespoke customer experience and enable more efficient resource management. In asset management, AI can play a crucial role in increasing the security of assets. Its sensors and monitoring capabilities can be used to foresee system failures, reducing operational costs and extending the lifespan of mechanisms.
These technologies are becoming an essential means of driving efficiency and innovation in the industry.
Sustainability has also become a strategic factor in decision-making. The real estate sector must take it seriously or risk losing the possibility of investment. What more can be done to raise awareness in the industry of the importance of upholding ESG standards?
Sustainability is vitally important, but it goes beyond compliance with European regulations and the Sustainable Development Goals. We also need to promote practices that are economically viable, and both environmentally and socially responsible.
In order to raise awareness and advance ESG initiatives, ACI has launched a working group in collaboration with the Association of Real Estate Companies with Rental Property (ASIPA), Green Building Council Spain (GBCE) and RICS. Our joint mission is to develop methods for measuring sustainability as a part of a property’s value. The group will further promote the integration of sustainability across the industry and encourage the adoption of circular economy principles.
Lastly, how would you define ACI in one sentence?
It stands for working together and helping to fortify one of the key sectors powering Spain’s economy.