Paradoxically, coronavirus is accelerating the management of the new large ‘neighbourhoods’ in Spain: the administrations have streamlined procedures and planning licenses to boost development work that has been in the pipeline for decades. By way of example: the Arpo reparcelling project in Pozuelo was approved by the general assembly of the Compensation Board on 18 January 2011. Today, several real estate companies are trying to finally move the project forward.
And in parallel, although “the commitment to planning where reparcelling is still pending is risky, because such land is not developable yet and urban management continues to be painfully hard”, explains Antonio de la Fuente, Senior Director at Colliers, there are developers who want to lead this race. With economic uncertainty here to stay, and the pace of sales in the short term unclear, the large developers are nevertheless positioning themselves for the next cycle in Spain’s future neighbourhoods.
Read the full article in Spanish.