{"id":79622,"date":"2026-01-22T13:21:32","date_gmt":"2026-01-22T12:21:32","guid":{"rendered":"https:\/\/blog.urbanitae.com\/?p=79622"},"modified":"2026-01-22T13:23:41","modified_gmt":"2026-01-22T12:23:41","slug":"le-defi-2026-transformer-le-capital-en-production-de-logements","status":"publish","type":"post","link":"https:\/\/blog.urbanitae.com\/fr\/2026\/01\/22\/le-defi-2026-transformer-le-capital-en-production-de-logements\/","title":{"rendered":"Le d\u00e9fi 2026 : transformer le capital en production de logements"},"content":{"rendered":"\n<p>Le 21 janvier, aux c\u00f4t\u00e9s de <strong>l\u2019Observatorio Inmobiliario<\/strong>, nous avons particip\u00e9 \u00e0 un petit-d\u00e9jeuner \u00e9ditorial organis\u00e9 au si\u00e8ge de <strong>Hogan Lovells<\/strong>. Pour Urbanitae, notre directeur Real Estate, <strong>Sergio Arana<\/strong>, est intervenu lors d\u2019une table ronde r\u00e9unissant investisseurs, financeurs, promoteurs, techniciens et conseillers autour d\u2019une question tr\u00e8s pr\u00e9cise : pourquoi l\u2019Espagne attire-t-elle autant <a href=\"https:\/\/blog.urbanitae.com\/fr\/2026\/01\/21\/pourquoi-investir-dans-le-secteur-immobilier-en-2026-avantages-cles-dans-son-nouveau-cycle\/?utm_source=blog_fr&#038;utm_medium=organic&#038;utm_campaign=urbanitae_blog_0126&#038;utm_term=dinvestissement_immobilier&#038;utm_content=fr_desayuno_editorial\" target=\"_blank\" rel=\"noreferrer noopener\">d\u2019investissement immobilier<\/a> et, malgr\u00e9 tout, n\u2019arrivons-nous pas \u00e0 transformer ce capital en davantage de logements ?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">L\u2019Espagne attire l\u2019investissement (et le \u00ab living \u00bb reste au centre)<\/h2>\n\n\n\n<p>Le point de d\u00e9part \u00e9tait clair : <strong>l\u2019Espagne est un march\u00e9 facile \u00e0 \u201cvendre\u201d aux investisseurs<\/strong>. V\u00edctor Iborra (Meridia Capital) l\u2019a r\u00e9sum\u00e9 par une id\u00e9e revenue tout au long de la rencontre : l\u2019equity story est solide, et <strong>\u201cvendre l\u2019Espagne est assez facile.\u201d<\/strong><\/p>\n\n\n\n<p>C\u00f4t\u00e9 bancaire, \u00c1lvaro Morales (ING) a d\u00e9crit une ann\u00e9e 2025 \u201crecord\u201d, avec une forte activit\u00e9 et beaucoup d\u2019app\u00e9tit pour financer des op\u00e9rations\u2014\u00e0 une condition : <strong>la qualit\u00e9 prime<\/strong>. <strong>\u201cTous les actifs ne se valent pas,\u201d<\/strong> a-t-il pr\u00e9cis\u00e9, en soulignant que la liquidit\u00e9 se concentre lorsque l\u2019actif correspond vraiment.<\/p>\n\n\n\n<p>Et, sans surprise, le <a href=\"https:\/\/blog.urbanitae.com\/fr\/2025\/12\/27\/living-evolution-des-principaux-segments-et-perspectives\/?utm_source=blog_fr&#038;utm_medium=organic&#038;utm_campaign=urbanitae_blog_0126&#038;utm_term=living&#038;utm_content=fr_desayuno_editorial\" target=\"_blank\" rel=\"noreferrer noopener\">living<\/a> est apparu \u00e0 maintes reprises comme le <strong>segment vedette<\/strong>. Mais une nuance importante a aussi \u00e9merg\u00e9 : il ne suffit pas que le capital s\u2019int\u00e9resse au living ; la vraie question est <strong>quelle part de ce capital contribue r\u00e9ellement \u00e0 augmenter l\u2019offre<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Le probl\u00e8me du ROE<\/h2>\n\n\n\n<p>C\u2019est ici qu\u2019est apparu l\u2019un des messages les plus forts de la journ\u00e9e. Andr\u00e9s Candela (Hogan Lovells) l\u2019a formul\u00e9 sans d\u00e9tour : nous sommes \u201cla coqueluche\u201d des investisseurs, mais <strong>nous n\u2019arrivons pas \u00e0 faire en sorte que cet argent serve \u00e0 produire des logements<\/strong>.<\/p>\n\n\n\n<p>Carolina Roca (Asprima) a expliqu\u00e9 pourquoi, chiffres \u00e0 l\u2019appui, en s\u2019appuyant sur une analyse de BBVA Research : <strong>le ROE de la production\/construction r\u00e9sidentielle en Espagne est environ deux fois plus faible que dans d\u2019autres pays europ\u00e9ens<\/strong>. Et elle l\u2019a r\u00e9sum\u00e9 en une phrase sans appel : <strong>\u201cJe ne convaincs un investisseur qu\u2019avec la rentabilit\u00e9.\u201d<\/strong><\/p>\n\n\n\n<p>Au fil du d\u00e9bat, les facteurs qui p\u00e8sent sur cette rentabilit\u00e9 sont revenus en boucle :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>un urbanisme trop rigide et des processus longs,<\/li>\n\n\n\n<li>des d\u00e9lais impr\u00e9visibles,<\/li>\n\n\n\n<li>la fiscalit\u00e9,<\/li>\n\n\n\n<li>et la difficult\u00e9 \u00e0 financer l\u2019actif \u201cmati\u00e8re premi\u00e8re\u201d : le foncier.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Incertitude \u00e9gale risque<\/h2>\n\n\n\n<p>S\u2019il y a eu un consensus transversal, c\u2019\u00e9tait celui-ci : <strong>le goulot d\u2019\u00e9tranglement n\u2019est pas le manque d\u2019int\u00e9r\u00eat des investisseurs ; c\u2019est le manque de visibilit\u00e9<\/strong>.<\/p>\n\n\n\n<p>Orson Alcocer (Hogan Lovells) a d\u00e9crit la <strong>cr\u00e9ation de droits \u00e0 construire<\/strong> comme <strong>\u201cune sorte d\u2019odyss\u00e9e\u201d<\/strong>, et a \u00e9t\u00e9 particuli\u00e8rement parlant sur les d\u00e9lais et la difficult\u00e9 de les rendre \u201cfinan\u00e7ables\u201d : entre l\u2019obtention des autorisations et l\u2019ex\u00e9cution, les fourchettes peuvent \u00eatre si larges que <strong>\u201cce sont des d\u00e9lais tr\u00e8s difficiles \u00e0 g\u00e9rer.\u201d<\/strong><\/p>\n\n\n\n<p>Du c\u00f4t\u00e9 des banques, ING l\u2019a traduit en logique de comit\u00e9s : lorsque l\u2019urbanisme se projette sur des horizons de 20 \u00e0 40 ans, <strong>\u201cle pr\u00e9senter au comit\u00e9 est impensable.\u201d<\/strong> C\u2019est pourquoi il est difficile d\u2019intervenir sur du foncier \u201cpur\u201d ; l\u2019app\u00e9tit arrive lorsque le terrain est d\u00e9j\u00e0 pleinement autoris\u00e9 (finaliste) et que le risque est plus ma\u00eetrisable.<\/p>\n\n\n\n<p>Et chez <a href=\"https:\/\/urbanitae.com\/fr\/?utm_source=blog_fr&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0126&amp;utm_term=urbanitae&amp;utm_content=fr_desayuno_editorial\" target=\"_blank\" rel=\"noreferrer noopener\">Urbanitae<\/a>, Sergio Arana a reli\u00e9 cela \u00e0 une id\u00e9e que nous partageons aussi en interne : <strong>notre logique d\u2019investissement exige de la certitude<\/strong>, et la combinaison risque\/d\u00e9lai freine l\u2019ensemble du secteur\u2014y compris sur des terrains d\u00e9j\u00e0 finalistes, o\u00f9 des retards peuvent malgr\u00e9 tout survenir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Du diagnostic aux leviers<\/h2>\n\n\n\n<p>Un autre volet de la rencontre a port\u00e9 sur la <strong>capacit\u00e9 r\u00e9elle \u00e0 produire davantage de logements<\/strong>. Sandra Daza (Gesvalt) a insist\u00e9 sur le fait qu\u2019il n\u2019y a pas de \u201crecettes magiques\u201d et que le probl\u00e8me est structurel : on ne le r\u00e9sout pas <strong>\u201c\u00e0 la derni\u00e8re minute comme de mauvais \u00e9l\u00e8ves.\u201d<\/strong><\/p>\n\n\n\n<p>Dans la m\u00eame ligne, \u00c1lvaro Diz (Avintia) a d\u00e9fendu l\u2019industrialisation comme levier pour gagner en d\u00e9lais et en efficacit\u00e9, en \u00e9voquant des am\u00e9liorations sur les temps de production et sur les consommations du produit final, ainsi qu\u2019une proposition de valeur plus claire pour les investisseurs.<\/p>\n\n\n\n<p>Diego Escario (Cano y Escario) a \u00e9largi le cadre : reconstruire la capacit\u00e9 productive passe par <strong>l\u2019industrialisation, la formation et la reconstruction de la fili\u00e8re<\/strong>, dans un pays qui s\u2019est progressivement orient\u00e9 vers les services.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Le r\u00f4le d\u2019Urbanitae<\/h2>\n\n\n\n<p>Chez Urbanitae, ce d\u00e9bat nous concerne de pr\u00e8s pour deux raisons.<\/p>\n\n\n\n<p>D\u2019abord, parce que\u2014comme l\u2019a expliqu\u00e9 Sergio\u2014nous op\u00e9rons avec des tickets et une granularit\u00e9 qui ne correspondent pas toujours au capital purement institutionnel. Nous sommes <strong>\u201cun acteur un peu particulier\u201d<\/strong> : un focus g\u00e9ographique plus large, majoritairement r\u00e9sidentiel, et une ouverture progressive \u00e0 d\u2019autres segments, avec prudence.<\/p>\n\n\n\n<p>Ensuite, parce que dans un environnement o\u00f9 le r\u00f4le des banques est bien d\u00e9fini, <strong>le grand manque se situe souvent du c\u00f4t\u00e9 de <a href=\"https:\/\/blog.urbanitae.com\/fr\/2024\/09\/06\/quels-types-de-projets-dequity-existent-chez-urbanitae\/?utm_source=blog_fr&#038;utm_medium=organic&#038;utm_campaign=urbanitae_blog_0126&#038;utm_term=equity&#038;utm_content=fr_desayuno_editorial\" target=\"_blank\" rel=\"noreferrer noopener\">l\u2019equity<\/a><\/strong>. Lors du petit-d\u00e9jeuner, Sergio l\u2019a r\u00e9sum\u00e9 \u00e0 partir de notre exp\u00e9rience : nous pouvons aider <strong>\u201cen apportant plus de volume d\u2019investissement parce qu\u2019il faut de l\u2019equity,\u201d<\/strong> et il a partag\u00e9 un chiffre qui illustre l\u2019impact de l\u2019activation des projets : <strong>\u201cnous aurons mis en production 3 000 logements\u201d rien qu\u2019en 2025<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">L\u2019\u00e9chec n\u2019est pas une option<\/h2>\n\n\n\n<p>Au fil de la conversation, il est devenu \u00e9vident que l\u2019objectif n\u2019est pas qu\u2019un segment pr\u00e9cis de l\u2019immobilier \u201cs\u2019en sorte bien\u201d, mais de retrouver la capacit\u00e9 de produire des logements \u00e0 grande \u00e9chelle. Carolina Roca (Asprima) l\u2019a conclu de fa\u00e7on tr\u00e8s directe sur le plan social : <strong>\u201csi nous r\u00e9ussissons pas\u2026 la coh\u00e9sion sociale du pays est en danger.\u201d<\/strong><\/p>\n\n\n\n<p>Et pourtant, elle a laiss\u00e9 une note d\u2019espoir : elle a d\u00e9fendu l\u2019id\u00e9e que nous pourrions \u00eatre face \u00e0 un possible <strong>changement de paradigme urbanistique<\/strong>, en citant l\u2019avant-projet de la <strong>Loi LIDER<\/strong> dans la Communaut\u00e9 de Madrid, soumis \u00e0 consultation publique, comme une voie pour gagner en agilit\u00e9 et en pr\u00e9visibilit\u00e9.<\/p>\n\n\n\n<p>En r\u00e9sum\u00e9 : <strong>l\u2019investissement est l\u00e0<\/strong>.<a href=\"https:\/\/www.idealista.com\/news\/inmobiliario\/vivienda\/2025\/12\/29\/862619-que-pasara-con-la-vivienda-en-2026-los-escenarios-posibles-segun-los-expertos\" target=\"_blank\" rel=\"noreferrer noopener\"> Le d\u00e9fi 2026 est de le convertir<\/a> en <strong>logements livr\u00e9s<\/strong>, gr\u00e2ce \u00e0 un cadre permettant de raccourcir les d\u00e9lais, r\u00e9duire l\u2019incertitude et am\u00e9liorer le bin\u00f4me risque-rentabilit\u00e9 de la promotion. Et chaque levier compte : urbanisme, permis, fiscalit\u00e9, industrialisation\u2026 mais aussi de nouvelles voies de capital capables d\u2019apporter l\u2019equity l\u00e0 o\u00f9 le syst\u00e8me en a le plus besoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>En 2026, le d\u00e9fi n\u2019est pas d\u2019attirer du capital, mais de le rendre \u201cex\u00e9cutable\u201d : r\u00e9duire les d\u00e9lais, s\u00e9curiser les permis et combler le manque d\u2019equity pour activer des projets.<\/p>\n","protected":false},"author":1,"featured_media":79637,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1026,1087],"tags":[1964,1887,1008],"class_list":["post-79622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investissement-immobilier-fr","category-urbanitae-fr","tag-crowdfunding-immobilier","tag-inversion-inmobiliaria-fr","tag-urbanitae-fr"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Le d\u00e9fi 2026 : transformer le capital en production de logements<\/title>\n<meta name=\"description\" content=\"Produire des logements en 2026 : permis plus pr\u00e9visibles, moins d\u2019incertitude et plus d\u2019equity pour livrer des logements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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logements.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/blog.urbanitae.com\\\/fr\\\/2026\\\/01\\\/22\\\/le-defi-2026-transformer-le-capital-en-production-de-logements\\\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/blog.urbanitae.com\\\/fr\\\/2026\\\/01\\\/22\\\/le-defi-2026-transformer-le-capital-en-production-de-logements\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/blog.urbanitae.com\\\/fr\\\/2026\\\/01\\\/22\\\/le-defi-2026-transformer-le-capital-en-production-de-logements\\\/#primaryimage\",\"url\":\"https:\\\/\\\/blog.urbanitae.com\\\/wp-content\\\/uploads\\\/2026\\\/01\\\/Destacada-blog-76.webp\",\"contentUrl\":\"https:\\\/\\\/blog.urbanitae.com\\\/wp-content\\\/uploads\\\/2026\\\/01\\\/Destacada-blog-76.webp\",\"width\":1400,\"height\":735,\"caption\":\"El reto de 2026: convertir el capital en producci\u00f3n de vivienda. 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