The first edition of the real estate investment fair unfolded during a challenging period. Just six months earlier, the European Central Bank had shifted EU economic policy, ending the era of near-zero interest rates. The market adopted a cautious stance during the October 2022 event, with rates and inflation on the rise and asset values proving volatile and uncertain. Managers of mutual funds paused operations as a precaution.
This slowdown showed up in the numbers. In the first half of 2023, corporate real estate investments fell by half compared with the same period in 2022. Real estate transactions reached 5 billion euros. The hotel sector, initially a bright spot due to a tourism rebound in Spain, benefited from that surge, but investments in other asset types dropped by more than 70 percent.
The current environment marks a shift, and the fair’s main takeaway is that if rates stabilize and the market continues to discount risk, real estate investment could rebound in 2024. With the cost of money likely to peak, there is reason for optimism that uncertainty will ease in the months ahead and 2024 could outperform 2023, as noted by Juan Velayos, the fair’s president, during a media breakfast.
Another notable outcome was the heightened interest from investors in housing alternatives. Living spaces and related concepts—apartments, student housing, and senior housing—are in high demand with tighter supply. In contrast, office properties remain under scrutiny, especially those lacking sustainability features or located far from city centers.
The edition attracted 10,467 real estate professionals, reflecting strong participation for a second outing. Attendees included representatives from state bodies and pension funds, some of whom had not previously announced their plans to attend, as noted by Juan Velayos, who welcomed the rising attendance.
A fair filled with paint
Forecasts had warned of heavy rainfall in Barcelona on the fair’s opening day, but the event proceeded despite a light rain that felt more ceremonial than disruptive. A group of protesters aligned with tenants’ unions demonstrated briefly near the venue gates of Fira de L’Hospitalet. Only a small number dispersed paint in the direction of some participants.
Despite the striking visuals, the incidents did not mirror past events. Security teams managed the situation as it unfolded, and the episode did not derail the program. Live coverage on social networks highlighted the moment, which led to a temporary delay in activities at the venue.
City authorities supported the organizers with a fresh security approach from the new municipal administration. The shift in leadership, backed by the organizing company’s Catalan roots and regional sponsorship commitments, helped stabilize the event. Hosting the Zone outside Barcelona is challenging, a sentiment echoed by several industry voices in places like Malaga. If plans proceed as intended, the next edition is scheduled for September 25–27, 2024.