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Concerning the future of the real estate sector

António Rebelo de Sousa

Economist

António Rebelo de Sousa

It has been said and said again that the Tradable Goods Sector represents the future of economies committed to economic and social progress. With many solid arguments, while in some cases running the risk of some analytical simplification.
The ​​real estate area is, of course, associated with the Non-Tradable Goods Sector or, if you like, with the Domestic Economy Sector, which leads some analysts to conclude, in a somewhat reductive manner, its long term condemnation.
However, without entering into a more in-depth analysis, as, incidentally, would be desirable – but which the limitations of time and space advise against –, an important part of modern business has already understood that it is necessary to associate real estate construction with the provision of services.
Nowadays it is not enough to build a condominium of apartments of undeniable quality: you also have to ensure the good management of this same condominium, to ensure a great diversity of services to the home – that can range from repair activities, to cleaning, restaurants, rental guarantees, if necessary, or insurance and energy management itself – and, at the same time, focus on tourism.
Creating a network of services that satisfies the customer who buys the apartment or the house within a given development is just as important as good construction.
And success in an evolution with these characteristics may allow, even if gradually, the conversion of the construction area into an activity within the Tradable Goods Sector.
Without creativity, there will also be no indispensable adaptability of an important sector to the challenges of the future.
Excessive optimism?
I don’t think so.
This is the purest of realism.
Nothing more, nothing less...

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