{"id":79630,"date":"2026-01-22T13:21:32","date_gmt":"2026-01-22T12:21:32","guid":{"rendered":"https:\/\/blog.urbanitae.com\/?p=79630"},"modified":"2026-01-22T13:26:47","modified_gmt":"2026-01-22T12:26:47","slug":"o-desafio-de-2026-transformar-capital-em-producao-de-habitacao","status":"publish","type":"post","link":"https:\/\/blog.urbanitae.com\/pt-pt\/2026\/01\/22\/o-desafio-de-2026-transformar-capital-em-producao-de-habitacao\/","title":{"rendered":"O desafio de 2026: transformar capital em produ\u00e7\u00e3o de habita\u00e7\u00e3o"},"content":{"rendered":"\n<p>No dia 21 de janeiro, com a <strong>Observatorio Inmobiliario<\/strong>, particip\u00e1mos num pequeno-almo\u00e7o editorial realizado na sede da <strong>Hogan Lovells<\/strong>. Em nome da Urbanitae, interveio o nosso diretor de Real Estate, <strong>Sergio Arana<\/strong>, numa mesa que reuniu investidores, financiadores, promotores, t\u00e9cnicos e assessores para colocar o foco numa pergunta muito concreta: por que raz\u00e3o a Espanha atrai tanto <a href=\"https:\/\/blog.urbanitae.com\/pt-pt\/2026\/01\/21\/por-que-investir-no-setor-imobiliario-em-2026-vantagens-chave-no-seu-novo-ciclo\/?utm_source=blog_pt&#038;utm_medium=organic&#038;utm_campaign=urbanitae_blog_0126&#038;utm_term=investimento_imobiliario&#038;utm_content=pt_desayuno_editorial\" target=\"_blank\" rel=\"noreferrer noopener\">investimento imobili\u00e1rio<\/a> e, ainda assim, continuamos sem conseguir que esse capital se traduza em mais habita\u00e7\u00e3o?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A Espanha atrai investimento (e o living continua no centro)<\/h2>\n\n\n\n<p>O ponto de partida foi claro: <strong>a Espanha \u00e9 um mercado f\u00e1cil de \u201cvender\u201d ao investidor<\/strong>. V\u00edctor Iborra (Meridia Capital) resumiu-o com uma ideia repetida ao longo do encontro: a equity story \u00e9 s\u00f3lida e <strong>\u201cvender Espanha \u00e9 bastante f\u00e1cil.\u201d<\/strong><\/p>\n\n\n\n<p>Na banca, \u00c1lvaro Morales (ING) descreveu um 2025 \u201crecorde\u201d, com forte atividade e muito apetite para financiar opera\u00e7\u00f5es \u2014 com uma condi\u00e7\u00e3o: <strong>a qualidade manda<\/strong>. <strong>\u201cNem todo o tipo de ativos serve,\u201d<\/strong> apontou, sublinhando que a liquidez se concentra quando o ativo encaixa.<\/p>\n\n\n\n<p>E, como seria de esperar, o <a href=\"https:\/\/blog.urbanitae.com\/pt-pt\/2025\/12\/27\/living-evolucao-dos-principais-segmentos-e-perspetivas\/?utm_source=blog_pt&#038;utm_medium=organic&#038;utm_campaign=urbanitae_blog_0126&#038;utm_term=living&#038;utm_content=pt_desayuno_editorial\" target=\"_blank\" rel=\"noreferrer noopener\">living<\/a> apareceu vezes sem conta como <strong>segmento estrela<\/strong>. Mas surgiu tamb\u00e9m um matiz importante: n\u00e3o basta o capital olhar para o living; a quest\u00e3o \u00e9 <strong>que parte desse capital ajuda, de facto, a aumentar a oferta<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">O problema do ROE<\/h2>\n\n\n\n<p>Aqui surgiu uma das mensagens mais contundentes da jornada. Andr\u00e9s Candela (Hogan Lovells) formulou-o sem rodeios: somos a \u201cmenina bonita\u201d para o investidor, mas <strong>n\u00e3o conseguimos que esse dinheiro venha a promover habita\u00e7\u00e3o<\/strong>.<\/p>\n\n\n\n<p>Carolina Roca (Asprima) colocou n\u00fameros no porqu\u00ea, apoiando-se numa an\u00e1lise da BBVA Research: <strong>o ROE da produ\u00e7\u00e3o\/constru\u00e7\u00e3o residencial em Espanha \u00e9 aproximadamente metade do de outros pa\u00edses europeus<\/strong>. E aterrissou-o numa frase definitiva: <strong>\u201cEu s\u00f3 conven\u00e7o o investidor com rentabilidade.\u201d<\/strong><\/p>\n\n\n\n<p>\u00c0 medida que o debate avan\u00e7ou, repetiram-se os fatores que pesam nessa rentabilidade:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>urbanismo demasiado r\u00edgido e processos longos,<\/li>\n\n\n\n<li>prazos imprevis\u00edveis,<\/li>\n\n\n\n<li>fiscalidade,<\/li>\n\n\n\n<li>e dificuldade em alavancar a mat\u00e9ria-prima: o solo.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Incerteza \u00e9 igual a risco<\/h2>\n\n\n\n<p>Se houve um consenso transversal, foi este: <strong>o gargalo n\u00e3o \u00e9 a falta de interesse do investidor; \u00e9 a falta de previsibilidade<\/strong>.<\/p>\n\n\n\n<p>Orson Alcocer (Hogan Lovells) descreveu a <strong>cria\u00e7\u00e3o de edificabilidade<\/strong> como <strong>\u201cuma esp\u00e9cie de odisseia\u201d<\/strong> e foi especialmente gr\u00e1fico ao falar dos prazos e da dificuldade de os tornar \u201cfinanci\u00e1veis\u201d: entre a licen\u00e7a e a execu\u00e7\u00e3o, os intervalos podem ser t\u00e3o amplos que <strong>\u201cs\u00e3o prazos muito complicados de gerir.\u201d<\/strong><\/p>\n\n\n\n<p>Do lado da banca, o ING traduziu isso para a l\u00f3gica de comit\u00e9s: quando o urbanismo se move em horizontes de 20 a 40 anos, <strong>\u201clevar isso ao comit\u00e9 \u00e9 impratic\u00e1vel.\u201d<\/strong> Por isso, em solo puro \u00e9 dif\u00edcil entrar; o apetite chega quando o terreno j\u00e1 \u00e9 finalista e o risco \u00e9 mais control\u00e1vel.<\/p>\n\n\n\n<p>E, da parte da <a href=\"https:\/\/urbanitae.com\/pt\/?utm_source=blog_pt&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0126&amp;utm_term=urbanitae&amp;utm_content=pt_desayuno_editorial\" target=\"_blank\" rel=\"noreferrer noopener\">Urbanitae<\/a>, Sergio Arana ligou isso a uma ideia que tamb\u00e9m partilhamos internamente: <strong>a nossa l\u00f3gica de investimento exige previsibilidade<\/strong>, e o bin\u00f3mio risco\/prazo trava todo o setor \u2014 inclusive em solos j\u00e1 finalistas onde, ainda assim, surgem atrasos.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Do diagn\u00f3stico \u00e0s alavancas<\/h2>\n\n\n\n<p>Outro bloco do encontro virou-se para a <strong>capacidade real de produzir mais habita\u00e7\u00e3o<\/strong>. Sandra Daza (Gesvalt) insistiu que n\u00e3o h\u00e1 \u201creceitas m\u00e1gicas\u201d e que o problema \u00e9 estrutural: n\u00e3o se resolve <strong>\u201c\u00e0 \u00faltima hora como maus estudantes.\u201d<\/strong><\/p>\n\n\n\n<p>Na mesma linha, \u00c1lvaro Diz (Avintia) defendeu a industrializa\u00e7\u00e3o como alavanca para ganhar tempo e efici\u00eancia, citando melhorias nos prazos e nos consumos do produto final, al\u00e9m de uma proposta de valor mais clara para o investidor.<\/p>\n\n\n\n<p>Diego Escario (Cano y Escario) alargou o foco: recuperar capacidade produtiva passa por <strong>industrializa\u00e7\u00e3o, forma\u00e7\u00e3o e reconstruir tecido<\/strong>, num pa\u00eds que tem vindo a virar-se para os servi\u00e7os.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">O papel da Urbanitae<\/h2>\n\n\n\n<p>Na Urbanitae, este debate toca-nos de perto por dois motivos.<\/p>\n\n\n\n<p>Primeiro, porque \u2014 como explicou Sergio \u2014 operamos com tickets e uma granularidade que nem sempre encaixa no capital mais institucional. Somos <strong>\u201cum bicho um pouco particular\u201d<\/strong>: foco geogr\u00e1fico mais amplo, maioritariamente residencial, e abertura progressiva do leque para outros segmentos, com cautela.<\/p>\n\n\n\n<p>Segundo, porque num contexto em que o banco tem o seu papel bem definido, <strong>o grande gap costuma estar no equity<\/strong>. No pequeno-almo\u00e7o, Sergio resumiu-o a partir da nossa experi\u00eancia: podemos ajudar <strong>\u201ctrazendo mais volume de investimento porque faz falta <a href=\"https:\/\/blog.urbanitae.com\/pt-pt\/2024\/09\/06\/que-tipos-de-projetos-de-equity-existem-na-urbanitae\/?utm_source=blog_pt&#038;utm_medium=organic&#038;utm_campaign=urbanitae_blog_0126&#038;utm_term=equity&#038;utm_content=pt_desayuno_editorial\" target=\"_blank\" rel=\"noreferrer noopener\">equity<\/a>,\u201d<\/strong> e partilhou um n\u00famero que d\u00e1 escala ao impacto de ativar projetos: <strong>\u201cteremos colocado em carga 3.000 habita\u00e7\u00f5es\u201d s\u00f3 em 2025<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">O fracasso n\u00e3o \u00e9 uma op\u00e7\u00e3o<\/h2>\n\n\n\n<p>\u00c0 medida que a conversa avan\u00e7ou, ficou claro que o objetivo n\u00e3o \u00e9 \u201ccorrer bem\u201d para um segmento espec\u00edfico do imobili\u00e1rio, mas recuperar capacidade para produzir habita\u00e7\u00e3o em escala. Carolina Roca (Asprima) levou-o a uma conclus\u00e3o social muito direta: <strong>\u201cou temos sucesso nisto\u2026 ou a coes\u00e3o social do pa\u00eds fica em risco.\u201d<\/strong><\/p>\n\n\n\n<p>Ainda assim, deixou um ponto de esperan\u00e7a: defendeu que estamos perante um poss\u00edvel <strong>mudan\u00e7a de paradigma urban\u00edstico<\/strong>, citando o anteprojeto da <strong>Lei LIDER<\/strong> na Comunidade de Madrid, em consulta p\u00fablica, como uma via para ganhar agilidade e previsibilidade.<\/p>\n\n\n\n<p>Em suma: <strong>o investimento est\u00e1 l\u00e1<\/strong>. O desafio de 2026 \u00e9 transform\u00e1-lo em <strong>habita\u00e7\u00e3o entregue<\/strong>, com um enquadramento que permita encurtar prazos, reduzir incerteza e melhorar o bin\u00f3mio risco-rentabilidade na promo\u00e7\u00e3o. E aqui, cada alavanca conta: urbanismo, licen\u00e7as, fiscalidade, industrializa\u00e7\u00e3o\u2026 e tamb\u00e9m novas vias de capital capazes de aportar equity onde o sistema mais precisa.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Em 2026, o desafio n\u00e3o \u00e9 atrair capital, mas torn\u00e1-lo execut\u00e1vel: menos incerteza, prazos mais fi\u00e1veis e mais equity para ativar projetos e entregar habita\u00e7\u00e3o.<\/p>\n","protected":false},"author":1,"featured_media":79640,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1029,1086],"tags":[1985,1983,1014],"class_list":["post-79630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investimento-imobiliario-pt-pt","category-urbanitae-pt-pt","tag-crowdfunding-immobiliare-pt-pt","tag-inversion-inmobiliaria-pt-pt","tag-urbanitae-pt"],"yoast_head":"<!-- This site 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entregues.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/blog.urbanitae.com\\\/pt-pt\\\/2026\\\/01\\\/22\\\/o-desafio-de-2026-transformar-capital-em-producao-de-habitacao\\\/#breadcrumb\"},\"inLanguage\":\"pt-PT\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/blog.urbanitae.com\\\/pt-pt\\\/2026\\\/01\\\/22\\\/o-desafio-de-2026-transformar-capital-em-producao-de-habitacao\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"pt-PT\",\"@id\":\"https:\\\/\\\/blog.urbanitae.com\\\/pt-pt\\\/2026\\\/01\\\/22\\\/o-desafio-de-2026-transformar-capital-em-producao-de-habitacao\\\/#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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