22 / 116
22 // iberian.propery / 2017
dossier// ISSUE: TOP IBERIAN cities
The key to attract foreign investment is for Ma-
drid to generate interest among investors with a
development or patrimonial profilewho arrive in
our country seeking to consolidate their invest-
ment and createwealth. Opportunistic investors
are unavoidable, but we should strive to keep
them at a minimum. In order to achieve this, we
must improve in many aspects:
- A truly stable and protective legal and regu-
latory framework, especially regarding urban
planning, that facilitates land development
- Compliance with administrative deadlines;
foreign investors do not understand the lack
of a guaranteed deadline to obtain a license
- Consistent criteria so that the whole territory
follows the same procedures, norms and
deadlines
We should promote the provision of quali-
ty services and international experience that
Madrid offers investors: Lawyers, real estate
agents, project managers, consulting firms… At
the same time, we should avoid the potential
risks that in one way or another deter invest-
ment, principally the climate of institutional
and political instability, as well as changing tax
policies that convey an image of unreliability.
Above all, themost important factor is tomaintain
a growthmomentum that ensures returns on in-
vestment above those attained in other countries.
Carlos Armero
MACE
CEO Spain
The first step is to make a clear commitment to
the current growth trajectory, with all authori-
ties working together to create an urban plan
that makes Madrid attractive to investors. If a
long-termplan is combinedwith amore flexible
legal framework, appropriate fiscalmeasures and
policies that drive public-private partnerships,
Madrid could take off significantly.
Currently, the development of any project re-
quires lengthy deadlines due to a legal frame-
work and urban regulations that fail to keep up
with the rate at which investments and projects
are carried out, designed to address irregulari-
ties that they are often unable to prevent.
Furthermore, other countries have demon-
strated that a favourable tax regime has been
extremely well received by investors, many of
whom do not find opportunities here.
Public-private partnerships are another interest-
ingway to attract foreign capital. This is a highly
politicised debate, however this model’s advan-
tages and disadvantages should be analysed
independently and on a case-by-case basis
since it has generated extremely interesting
urban transformations, such as those in Ham-
burg and Liverpool, which could be successfully
reproduced in Madrid.
Finally, I emphasise the need for greater judicial
security. Changes in the legal framework and
incentives, and their retroactive application,
affect investment viability and profitability. Long-
term planning would provide the stability and
reliability that foreign capital values so highly.
Marián Prieto
de Liébana
Hill
International
España
Vice President
Country Manager
«We should promote
the provision of quality
services and international
experience that Madrid
offers investors»