A NEW LEASE OF LIFE

Investment in the rehabilitation of historic buildings is turning into one of the most profitable segments of the real estate sector in Spain, thanks to the country’s long history and rich architectural heritage.

THERE ARE many aspects of Spain that a first-time traveler to the country finds charming: its welcoming culture, its lively lifestyle, and its eye-catching architecture. Despite being quintessentially European, Spanish architecture also has an exotic element to it, which is difficult to pinpoint.

The style of architecture is not the same across the country, either. As one moves from one Spanish city to another, making their way from the north of the country to the south, they are able to spot small differences in the style of architecture.

As Spain has turned into a developed economy in recent decades, it must try to maintain its essence—what makes Spain the Spain that we know and love. It is for this very reason that the rehabilitation of existing emblematic buildings across the country in an expertly manner is of high importance.

Many buildings across Spain are too valuable to be demolished to make way for reconstruction, and rehabilitation is the best option in such cases. If performed well, a thorough rehabilitation can upgrade an aging building to meet the requirements of residents living in the 2020s, say, by installing central heating and air conditioning systems, security solutions, and structural reinforcements, while keeping the aesthetic qualities and facades of such buildings intact for the posterity, preserving the architectural unity of the historic centers.

The restoration of emblematic buildings for modern use is not something that can be entrusted to an ordinary builder. Companies must have staff who have a deep respect of architecture, art, and history as well as access to state-of-the-art construction equipment and technologies. Fortunately, there are companies in Spain specializing in the rehabilitation of such buildings.

KALAM has become the go-to company for many who want a high-quality restoration of buildings with a historic significance. Since its inception in 1987, KALAM has accumulated the right know-how for turning monuments into useful buildings, thus contributing to the beatification of cities across Spain while reclaiming old structures for modern use.

“Our main goal and where we are absolutely different is in comprehensive rehabilitation projects. With the restoration division, we complete a comprehensive offering, working on exteriors and interiors with artistic value,” KALAM’s president, Ramón Mayo told TBY

Mayo also indicates that the company has been making its way to consolidate its position with operating centers in which it has created a staff of technicians and construction professionals: “In France, we have worked on the Palace of Versailles, among other iconic monuments and buildings. We recently renovated the Automóvel Club de Portugal headquarters in Lisbon and also have projects underway in New York.” The company also operates in Latin America through Chile

Although the COVID-19 pandemic caused a hitch in the plans of companies such as KALAM both at home and overseas in 2020 and even 1Q2021, there are signs that the rehabilitation business is picking up again, thanks to nationwide vacation efforts and the business-as-usual situation that is returning to Europe.

But not all rehabilitation projects are meant to be concerned with the aesthetic and architectural merits of old buildings. The logistics sector in Spain is currently facing a shortage of storage places, especially with the growth of online shopping and the need for last-mile depots. The rehabilitation sector has risen to the occasion by converting abandoned factories and storehouses into modern, serviceable depots for online retailers.

Then, there are major businesses with headquarters across Spain that prefer to have a renovated historic building as their headquarters rather than a modern but soulless office building. The Spanish rehabilitation industry, and its largest market player, KALAM, have included all the above-mentioned services in their portfolio.

Rehabilitation—instead of demolition reconstruction from scratch—is becoming a new form of investment in the real-estate sector. CBRE Outlook Spain and Deloitte have published data, tentatively indicating that investments in the real estate sector in Spain will experience positive growth in the late 2021.

Thanks to the rehabilitation industry, and companies such as KALAM, Spanish streets in the future will still be dotted with eye-pleasing antique buildings that are at the same time well-equipped enough to function as modern residences, hotels, or headquarters of companies.