Marbella, September 24, 2026. San Telmo Business School has kicked off the new academic year for the Alfil Real Estate Chair, promoted and sponsored by Alfil Patrimonial, during an event at which a new phase in its scope of analysis was announced. This roadmap will be implemented through meetings held outside of Málaga. The first meeting of the Advisory Board took place in Seville, and a subsequent meeting is scheduled for Madrid, reinforcing the Andalusian and national focus with which the Chair was established.

The opening session featured remarks by Francisco Gómez Palma, president and CEO of the Marbella-based company, who emphasized that the value of the Chair lies not in observing the sector from a distance, but in building knowledge through the exchange of different experiences and perspectives.

An Industry Facing a Paradox

The initial assessment is clear: the Spanish real estate market currently faces solid demand and high investor interest, but supply is failing to keep pace with society’s needs. This tension is particularly acute in the housing market, where—as the Bank of Spain itself points out—supply constraints are one of the main factors behind difficulties in accessing housing.

Gómez Palma insisted that the debate “cannot be limited to how many homes are needed, but must also address where they are needed, for whom, under what type of tenancy, at what cost, and with what financing, while also considering the ability to adapt to new ways of living.”

Beyond Brick: New Residential Models

One of the central themes of the presentation was the emergence of housing models that, until recently, were considered niche but are now gaining traction in the market: coliving, flexliving, senior living, student housing, and build-to-rent. In his view, “they all share the same underlying idea: housing is ceasing to be merely a physical space and is also becoming a service.” The conclusion, according to Gómez Palma, is that “the future will demand much greater product diversity.”

Industrializing construction and demand as well

Industrialization stands out as one of the major transformations yet to be achieved, with an impact across the entire value chain: design, manufacturing, logistics, assembly, and quality control. In this section, Gómez clarified that “it is not enough to industrialize construction; we must also industrialize demand, generating the scale and continuity of projects necessary to ensure that investment in factories and technology is sustainable.”

Funding: Diversify Sources, Make Criteria More Flexible

Alongside bank financing—which will remain central—private credit, debt funds, and capital markets are growing. But Gómez Palma went further by arguing that “the criteria for accessing financing must evolve at the same pace as the sector, both for developers with viable projects that fall outside traditional parameters and for buyers—especially young people—who have the ability to pay but struggle to come up with the down payment.”

Regulation that supports, not hinders

The third major element highlighted was regulation. The proposal is not to reduce urban planning, environmental, or social safeguards, but rather to achieve more streamlined, coordinated, and predictable procedures, so that regulations serve as a tool that facilitates real estate development rather than an obstacle to it.

Logistics, Offices, and Retail: Three Markets Undergoing Transformation

The executive’s presentation also covered other key segments: logistics that are increasingly integrated into cities; offices where the question is no longer how many square meters but what kind of space, with the repurposing of assets presenting a significant opportunity; and brick-and-mortar retail, which is not disappearing but rather evolving toward a model that is less transactional and more experiential.

From a reactive real estate industry to one that anticipates

Gómez Palma concluded his remarks with an idea that served as the central theme of the event: “The real estate sector is shifting from a focus solely on the development of square meters to a focus on managing needs.” In light of economic cycles, he championed the role of forums like the Chair in encouraging thinking beyond the short term: “The future of real estate will not be defined by a single company, a single investor, a single government agency, or a single professional discipline. We will build it together.”

The event thus marked the start of a course that, in his own words, aims not only to present conclusions but also to raise new questions: “The best institutions of knowledge are not the ones that have all the answers. They are the ones that help us ask better questions.”

The Alfil Real Estate Chair is an academic initiative of San Telmo Business School, based in Málaga and supported by Grupo Alfil and other leading companies in the sector. Its goal is to bring together representatives from the business, financial, and urban planning sectors to analyze the main challenges facing the real estate market, identify trends, and develop strategic and viable proposals.