Could you share the current status and highlight the primary projects your company is presently engaged in?

Absolutely, in 2020, we achieved a significant milestone by acquiring a construction firm called Meca Construcoes lda. This move strategically positions us to effectively manage costs amidst a scarcity of construction labor and constantly escalating prices. Besides serving our own needs, we’ve expanded our services to cater to other market players. For instance, we’re already constructing two single units in Almada for a real estate promoter. Additionally, at Metathesis, we’ve undertaken over 50 rehabilitation projects and are presently involved in the development of a multifamily house in Almada, among other ventures.

The 6% VAT incentive appears promising for investors. How do you assess the government’s facilitation of the construction and rehabilitation markets?

When we initiated operations, such incentives weren’t in place, and rehabilitation projects were not popular. We were essentially pioneers in this segment. After a decade, the government acknowledged the vast number of vacant residential units in need of rejuvenation. The 6% VAT incentive is undeniably valuable, but there’s substantial room for improvement. The foremost challenge is reducing the complexity of the licensing process, a significant deterrent to investments.

Obtaining permits varies inconsistently across cities, leading to timeframes spanning from six months to over three years. Such unpredictability hampers business planning. Moreover, each year of delay results in additional costs of up to EUR 500 per square meter. While the government promotes affordable housing initiatives, addressing the permitting issue is pivotal to their success.