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Madalena Azeredo Perdigão, CCA's Partner of the Real Estate Department, in the “Lawyer of the Month” section of Advocatus, talks about her recent appointment, the teleworking regime in times of confinement, as well as the future of the Portuguese real estate market which, due to the COVID-19 pandemic, is currently in an imminent recession.
The impacts of the crisis in the real estate sector will be "unknown in the medium and long term and will depend on several factors, namely the timing of the recovery and the effectiveness of the measures taken by the Governments of the various countries, which will determine the ability of companies investor to react. However, it will be inevitable to readjust prices and affect real estate, to rebalance supply in the face of demand", states Madalena Azeredo Perdigão.
CCA's Partner adds that the biggest challenge for the sector "will be to maintain or, at least, to minimize the drop in demand and investment levels in the sector observed in recent years and, for this, it will be necessary: to be capable of maintaining the confidence and interest of foreign investors, whether private or institutional, through incentive policies associated with this sector, as well as by signs of stability in legislation, in the banking sector and in the economy ( who can overcome fear); Portugal being a small country, national demand is not enough".
On the future of the Portuguese real estate market, Madalena Azeredo Perdigão underlines that "in ten years, the real estate sector will reach new records and will bring new concepts related to flexibility, mobility, and sustainability, because once again it will have to reinvent itself, seek to be competitive and one of the engines of the economy, to be able to face the months/years of recession that are looming and that will mark the first phase of this new cycle".
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- Advocatus