REICs go it alone on property developments

New property developments have been on the rise in recent months, as investors and developers make targeted investments to cover the gap created in the last decade of market idleness.

Even so, it is estimated that the new office buildings under construction do not exceed 65,000 square meters in total, though they have largely secured tenants already, at least provisionally. However, this figure is expected to grow considerably after the fall, as a series of new projects concerning the reconstruction of existing buildings and the development of plots are in the licensing stage.

Sector officials note that such developments will allow real estate investment companies (REICs) to have full control of the investment product they wish to create, setting the precise standards and the partial features they desire so as to secure the biggest possible capital gains.

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