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PORTUGAL - Real Estate & Construction

Daniel Tareco

Board Member, Habitat Invest

Bio

Daniel Tareco has a degree in civil engineering from the Instituto Superior Técnico and an MBA from the IESE Business School. He was a consultant at McKinsey and project manager at Teixeira Duarte before joining Habitat Invest. He joined the company in 2016 and is responsible for finance, administration, and operations.

“Habitat Invest is a real estate invest firm founded in 2001 present across the full spectrum of the residential sector."
TBY talks to Daniel Tareco, Board Member of Habitat Invest, about the real estate market, competitive advantage, and current trends.
Where does Habitat Invest fit within the Portuguese real estate ecosystem?

Habitat Invest is a real estate invest firm founded in 2001 present across the full spectrum of the residential sector. We invest in the full scope of the residential segment from mid-market to premium/luxury, developing also touristic apartments. Currently we have 17 projects ongoing, corresponding almost to 2,000 residential units and more than EUR600 million of investment. Our aim is to offer the best housing solution for each segment where we try to be present.

What do you consider to be the current trends emerging within the RC sector?

One of the major trends for 2023, and an inevitable one, is the implementation of ESG compliant investments. The sustainability and decarbonization of the real estate sector are a priority, as the sector overall represents about 40% of carbon emissions (more than the transport sector). Another major topic for the residential sector is the Built to Rent, so far very scarce in the Portuguese market, either private or public-private. This occurs as there is a major housing problem in Portugal, with a very small rental market supply, leading to unaffordable prices for Portuguese families. Finally, industrialization and/or modular construction will also be a hot topic. Construction companies face extreme labor shortages, deeply impacting projects delivery times and costs. One way to minimize this impact is by reducing the onsite required workers and construction/assembly time.

How was the year 2022 for Habitat?

Despite the very challenging year we faced, due mainly by Ukraine war accelerating inflation growth to levels not seen in the last 30 years and consequent raising of interest rates, our economic activity was very positive. In 2022, we managed to deliver almost 200 residential units in concluded projects, we launched four new projects for sales having achieved a very positive outcome in all of them (>30% pre-sales) and acquired four new projects representing almost EUR200 million of investment. All of this in a year of great uncertainty and exponentially growing construction costs was a mark for us.

What will be Habitat’s focus in the coming years?

We aim to further expand our recognition in the market as a major player providing housing solutions for our clients in all segments and in all major locations (Lisbon, Porto and the Algarve).

What do you think is Habitat competitive advantage in a market characterised by increasing competitions?

Along the years we have been building long standing relationships with all our stakeholders (municipalities, architects, contractors, agents, etc) based on trust, integrity, communication and delivery capabilities. This helped us to get where we are, and we’ll keep working every day to keep deserving the trust and confidence of our clients.

What are Habitat consolidation and expansion plans in the market?

We want to keep providing the best and most innovative products to our clients at the most competitive price. As such, we will keep investing in the development of our internal capabilities and further work with our partners to continue to grow and be better.

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