Following 19 months marked by the constraints brought on by the Covid-19 pandemic, the economy is finally «recovering» and, for some segments, prospects are positive. This was the conclusion from the debate 'Regulatory challenges in the context of the COVID-19 Pandemic', promoted by Morais Leitão, during the Vth edition of the Portugal Real Estate Summit.
«The pandemic created a legislative pandemonium», recognised Diana Ettner, Consultant at Morais Leitão. «A series of exceptional measures», which often raised «issues of proportionality, equality and violation of private property».
From suspension and extension of validity terms and procedural deadlines to moratoriums, there were many exceptional measures which were enforced during the pandemic. Amongst those which ha a greter impact, rental moratoriums on urban residential and non-residential leases, and bank moratoriums on loans and financial or operational leases.
The day after…
At a time when Portugal reached a rather high vaccination and the economy is starting to recover, the big question is: «what is the new normal after the pandemic? And in particular, what is the new normal for shopping centres?» asked João Torroaes Valente, Partner and Head of Corporate Real Estate at Morais Leitão.
According to Telmo Ferreira, Head of Portugal at Klepierre «shoppings centres are recovering well and that makes me believe we will have a very positive recovery». A perspective shared by Rui Vacas, Asset Management Director at Nhood, who admitted that «by the end of 2022 shopping centers will be on the levels of 2019». João Cruz, Iberia Managing Director at Multi Spain and Portugal is optimistic about the sector’s recovery, because «people are not just seeking to buy Shopping centres are also important for people socialise».
E-commerce vs traditional commerce? Who wins?
For the expert panel «e-commerce is a great opportunity», mentionedd Telmo Ferreira. Considering that «e-commerce cannot exist without on-site commerce. The two complement each other offering the client a better service», highlighted João Cruz.
Speaking to investors, Telmo Ferreira remarked that «this is not the first crisis the indusrty faces. It is just a different crisis. And the industry has shown its resilience and its ability to reinvent itself». «I am very confident next year will be very positive», he concluded.
