DIARY OF CHANGE by Immaculada Amat

Compilation Book

DIARY OF CHANGE (2008-2017)

By Immaculada Amat

Patrimonial. Commercial. Consultant.

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Barcelona | Sant Cugat & Valldoreix | Sant Just Desvern

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In summer 2008, finally broke the financial crisis, first in the USA., and

immediately in global markets. A financial crisis with a major impact on the

housing sector, thus definitively breaking the good times (and in some cases

excesses) which for years had enjoyed this sector.

At this point, and in these times of uncertainty and changes that cause the crisis,

Amat. sector company with over 65 years’ experience, have the need and the

conviction to inform all customers, partners and contacts, to offer their views on

the developments and changes that occur and affect all of us.

So Immaculada Amat, the front of this writing, since then, monthly expresses his

more personal opinion about it. "We believe that only a good knowledge can

make good decisions”.

Therefore, we expect and hope that this compilation of DIARIES OF CHANGE

published, you find it interesting and useful.

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By Immaculada Amat

November 2017

Diary of change Nº79

October, what a month!

This month of October has been a very contradictory month. What has been positive? We have made a great investment in AMAT with the opening of a new office in the center of Sant Cugat, in 17 Rius i Taulet St.. It is a large office, of 260 sqm, sunny, modern and functional, with the intention of giving the best possible service to our customers. For Joana and for me it was an extraordinary satisfaction that we were awarded with the 2017 Personalities of the CECOT prize and the delivery was made by President Puigdemont. For commercial agents, the Meeting Point has been a success. This has been a Meeting Point with more exhibitors, with more visitors, with more contacts and we have made two operations, already derived, of information facilitated during those days. What has been a constant? Questions at all times, especially during the fair, because of the situation we are living as a country such as sales and rents diminish, the market has fallen, the investments are reduced, ... As usually, we speak from our reality, and it has been this:

If we add new and second hand properties, this October we have done 12% more operations than in September.

For rent it has been 26% more.

It should be noted, however, that the fact that we have started the commercialization of a promotion precisely this October

has favored it. Surely, in some other areas there has been diminished, but it may not be bad for the sector. We ran a little

too much. We already know that our opinion is not always welcome, but it is not good for the market the increase of land

prices in Barcelona and surroundings because it is transferred to the price of homes and perhaps the time when supply

and demand will not be aligned is coming soon.

When we talk about luxury housing and investments, it is true that there is a certain break, but none of the investors with

whom we have been working for years. At the most it is expectant, and it is normal at a time when there is a certain

insecurity.

What makes us sad?

That there are prisoners because of their ideas.

We think that we are in complicated moments but we will overcome it!













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By Immaculada Amat

July 2017


Euphoria and thoughts

As we all know, the real estate market is euphoric again. The media talks about it day in, day out. It is true that there is

strong demand and prices rise. We listen and read that there are increases of 20 to 30%. As always becomes widespread,

we want to give our data of promotions that already have been in the market for more than a year:

In Barcelona Eixample, the price has risen 10%

In Badalona, the price has risen 13%

In Sant Just Desvern, the price has risen 15%

In Sant Cugat del Vallès, the price has risen by 20%

The reason that Sant Cugat has risen more is because it is one of the places where prices fell the most during the crisis. If

anyone has the patience to look at the data we gave in 2012-13, you will see that we were down 70%. Already then we

said that the price did not correspond with the services or the configuration of the city. What has happened now is that it

has regained the position and the corresponded price.

And if we talk about rent, our average stands at an annual increase of 8%.

We have to take into account that in the matter of rent we came from 5 years of frozen prices and, what has happened in

general, is that we are recovering the previous prices.

What worries us?

The overvaluation of second-hand floors to get the marketing.

We are concerned that, until the end of last year, the demand for new construction was composed, on the one hand, of

buyers who had saved and could buy the apartment and, on the other hand, for investors, usually families, who bought for

the future of their children.

This year has been incorporated into the demand the acquisition of a property in order to improve their usual 1st residence

and, of course, in this case the valuation of the property to be sold is basic to define the price of the new one and, what we

are seeing now, is that already properties are overvaluing. This leads to a future risk that, in previous times of euphoria,

was mitigated because the banks gave mortgages without too much study and because the salaries rose. In addition, there

was inflation. Is it the same now? I doubt it!

We are still very worried about the rent. The inconsistencies between the direction in which society moves and the lack of

answers - not expected in the short term - provokes the frustration of a part of the population, especially for youth. The

issue is important and can not be resolved from one day to the next. What a lack of vision and foresight that have the

administrations of our country! They lost the possibility of generating rent and did not know how to take advantage of it. We

repeat and repeat, to whom wants to hear, that it is no longer a problem of the city of Barcelona, but the metropolitan area.

We are concerned about the feeling that society has, that we all have, of little legal security, of little protection to the inherent

property rights. It can not be that there is one occupation after another, it can not be what is happening with the tourist rental

and the rights of the owners. Security and guarantees are basic for obtaining domestic and foreign investment; Investment

is essential to solve the problem of rent.

Consistent with our principles, we have collaborated with the Generalitat and the Barcelona City Council. We believe that

it is everyone's commitment to contribute with ideas, data, etc. In order to try to find solutions to one of the most important

social problems that the city of Barcelona and its metropolitan area have.

Have a good summer!








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By Immaculada Amat

May 2017


Urbanism equal to security

If in any subject agrees the entire real estate sector is in the need to rethink all urban issues. I am aware that urbanism is

a delicate issue, which can generate large capital gains and that many of the corruption cases that are being judged today

have to do with more or less proximity to urban planning issues, but taking this into account, it can't neither paralyze the

sector nor generate endless deadlines. We can't have such a local view of these issues.

Urbanism is the tool that produces the raw material that the country needs to grow demographically, or in number of

dwellings or residents of other countries who decide to live with us. Urbanism is also the tool to define where we place

factories and logistics, and there's no way that the production of this raw material is so slow, so unexpected, full of

insecurities; It starts and it's so hard to finish.. Nowadays, the world is very dynamic, everything goes very fast: trends,

products, ways of life, demand, needs, ... so with such a slow and heavy urbanism all this is difficult, and even more difficult

to understand when behind a project there is a foreign investor. It simply surpasses it.

I know that the Catalan Government has been working for some time on new legislation. The sector demands it. It needs

speed, that the laws are clear, that give us above all security. We need security!

Related to Sant Jordi

Now that Sant Jordi has passed, it seems like a good time to explain a project that we have long been carrying out and

almost never explained: "Amat Culture". Under this name we gather a series of activities related to the cultural world: book

presentations and table of writers of Sant Cugat, cultural excursions in Barcelona with employees, gift of books and

ceramics to clients, presentations, ... We do it by vocation and tradition. We are a company always linked to cultural issues

and we want to continue to do so more and more if it is possible.

Culture is the memory of the people, the collective consciousness of historical continuity, the way of thinking and living.

Milan Kundera, Czech novelist and essayist













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By Immaculada Amat

February 2017


Lights and shadows of the real estate intermediation

The shadows

On January 29, an article on real estate intermediation was published entitled "Stunts, tricks and real estate ploys”.

I have to confess that when I read it put me in a very bad mood, because it describes a way of doing with which we did not

feel identified at all, neither us nor other companies in the sector.

The article talks about a mythical movie - "Glengarry Glen Ross (1992)" - which, with some extraordinary actors, describes

the jungle of the real estate environment in Chicago where everything is worth the law to get a sale. In Barcelona they did

it in theater - I think in the beginning of 2000- and I remember we all the commercial team went to watch it and we had clear

what we did not want to do. I also remember that we were strongly impacted.

The years have passed, and few things have changed. With this, the article rightly says: Today in Barcelona there are many

self-employed workers - "false self-employed" - with the task of combing the streets that the agency -for which they are

actually working- has assigned them. They get paid if they get the property and, in order to obtain its objective, they try in

any way. The law of the jungle has returned, while we and others like ourselves - surely a few - struggle not only to push

forward our companies, but also to dignify a profession that is scarcely recognized in our country. The truth is that it is not

easy and it has little journalistic appeal.

The light

With your permission, I literally copied the email we received from a landlord who had long ago been unpaid, upon being

informed that the tenant had found work.

"I am happy about this news. It is a magnificent gift. Firstly for the tenant. If I did not act against him it was

because I could empathize with his situation. I hope that with this new job he can normalize his situation,

disappear his anguish and have a good holiday with his family.

Secondly for myself because I will be able to recover, I hope, the deferred rents and ensure those that are to

come. But most of all, because I did not have to get into the dilemma of having to evict him, which I can assure

was that I was worried about and would have been painful, because sooner or later, if the issue had

lengthened, we would have evicted it, unfortunately.

In addition, it is a kind of prize for compassion and confidence in this man that he could overcome it. A prize

for solidarity.

I thank you for your human and thoughtful management. I congratulate you on your attitude. At no point did I

feel pressured to make a harsh decision, and it might not have been so.

We hope that this situation will finally normalize. "

We really want these lights to prevail over the shadows in our industry. It is necessary!









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By Immaculada Amat

January 2017


Real estate market: 10 inputs of 2016 and 10 thoughts

If we had to put a headline for this 2016 we would say "the recovery of the real estate market is consolidated".

1 . Sales of new housing in Barcelona and the first crown has been exceptional. Our company has sold more than

180 aparments. Does it only respond to the withheld demand? The data analyzed shows that it is so in most of the

cases although there are 20% that respond to small investors who find in the real estate sector a refuge in the investment,

that the deposit in the bank no longer provides it.

2 . Repercussion prices and absolute prices on sales have been reasonable. The truth is that in certain promotions

prices have risen once a significant part of the total of the properties have been sold, although it has been very

controlled. Our concern is that prices will go up. If salaries do not rise, there will come a time when supply and demand

will not be equal.

3 . 3. We have have months in which mass media talk about real estate market, price rises,... We are already seeing

a first consequence: many owners begin to overvalue their properties. We think it will be one of the trends of 2017.

4 . The uncontrolled proliferation of real estate agencies, freelancers,... That in order to get product to be marketed

are overpricing properties. In a country like this, where the real estate sector -especially brokerage- is unprofessional,

the risk of overvaluing properties is repeated every time the market improves. It is a subject that concerns us.

5 . The easyness to obtain mortgages. During this year we had not any problems getting mortgages to our clients

– provided that they fulfilled the conditions established by the bank. We are worried that the bank will return to

practices to give 100% as a few years ago.

6 . Lack of second-hand product on sale. Surely this year 2017 there will be more housing of this type for sale, as flats

of new buyers should be put up for sale after brand new flats of many promotions started at the beginning of last year

will be delivered.

7 . The lack of housing for rent. This is one of the most important problems that, at this time and in relation to the

housing market in Barcelona, concerns to the authorities. We received the visit of the Mayoress Excma. Ms.

Ada Colau, the Housing Registrant, Mr. Muntaner, and the Housing Manager, Mr. Buron, in our offices in Sant

Just to talk about this topic. We appreciate their willingness to listen to both our criticisms and our proposals,

and we did a few. Prices have risen more than 14% in a year and we rent most of the flats in 3 days. This will be one

of the great problems of 2017.

8 . We have managed to have a default on rent of 1'5%, result of two factors: be very careful and demanding when

rentin, and very quick when we detect a problem. Keeping this figure is one of our objectives, since it gives a great

peace of mind to investors who decide to buy for rent and so to the habitual clients.

9 . For the first time since 2007, 10 years ago, we have major rehabilitation works underway in communities we

manage. This is an important fact, since we defend that we must invest in the maintenance of the most precious

goods that have the majority of the citizens of the country: housing, and must be done today, always looking

for the improvement of energy efficiency. We must keep in mind that housing is the only private area and also

the whole common area, which is often forgotten. In this 2017 we will recover the tradition of meetings, conferences

of pedagogy in the environment of rehabilitation and maintenance.

1 0 . We are aware that there are still many social problems related to housing, from occupations to evictions.

Even so, it has been the best year since the crisis began. We think that 2017 will also be a good year with many

challenges. One of the most important: finding ways out of the issue of lack of rent. It is a contradiction the discourse we

all make: that young people are better off going for rent because it allows, among other things, labor mobility and,

afterwards, it is almost impossible to find a home.
















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By Immaculada Amat

November 2016


A more active Meeting Point

As each year - and already 20 years now- the Real Estate Barcelona Meeting Point fair was held in October, where our

company Amat has been present since the first edition.

Looking back you realize there have been three stages: until 2007, years of growth and rising euphoria; Since then and

until last year, years of "crisis", where the maintenance of the fair was almost a "miracle"; And a new cycle that began last

year and has been consolidated this year.

In each of these stages there have been "star" exhibitors. In the first phase, the promoters; In the second, banking and its

enterprises; And in which we are now, resurgent promoters and consolidate the services, franchises, ...

And our analysis about this BMP'16 is that it has been positive. It has grown a little, more light, the biggest stands, many

professionals up and down, many people from the environment looking for contacts, maintenance of the presence of

historical local promoters, consolidation of large promoters with projection throughout the state, much more new work In

marketing, ... And, buyers? For more than last year, that does not mean more visitors, but really is the first year that gives

us the feeling that demand and supply have been the same and that the possibility of closing some operation is real.

Why is it present a company like ours - Familiar, very long-standing, with a wide portfolio of services, from asset

management to marketing, with more vocation of service than volume, and that bets on personalization and detail- ?

Well, because of our willingness to position companies like ours, there are many in the city, at a fair like the Meeting Point

that has become the showcase of a sector and we would not want it to become, speaking of trading companies, In the

showcase of only the services, franchises and some large marketers, but that these would live with companies like ours.

Thus, the BMP would have a more plural and diverse representation of the sector with the contribution of very long-term

companies, with a long-term vision and, for this reason, with a strong desire to be great professionals.








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By Immaculada Amat

October 2016


Positive moments

These holidays I have reviewed the Diaries, which since July 2008 we have been writing month by month and, actually, the

tone has changed a lot. It all started with a rather pessimistic tone and today the tone is frankly positive. The truth is that

we must be grateful that we managed to get through and grow in such a long and deep economic crisis.

We are grateful for having the trust of thousands of customers, grateful to have a very committed professional team, grateful

that the market recognizes us and trust our company, Amat Immobiliaris. We are also grateful for the response to the call

for ideas to make communities to be in love again that we made in the last July Diary, and where several people have sent

us very creative ideas.

And positive, very positive, because the real estate market is recovering. We ourselves are surprised by the pace of sales

in the new construction market. It is true that even confined to the area between the B-30 and the sea, but as always

happens, the market recovery will spread like an oil slick. This recovery leads to increasing prices, a prudential increment

today, but we need to remain cautious, because the purchasing power is conditioned by salaries and, at the moment, these

are very restrained.

Another positive fact is the re-incorporation of the group of demandant investors, not foreign investors -but only in specific

areas of Barcelona-, but domestic investors, small investors who decide to put their savings in our sector in view of the zero

performance bank deposits. It didn't happen years ago.













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By Immaculada Amat

August 2016


Thoughts for holidays

We are already in vacation time, time off, relax, but surely time for reflection, so I propose to think about issues of our

sector:

The first one has to do with the communities of owners. A recent study by Owners Mutual - that we thank- which confirms

what we live every day: the disaffection of these owners to the community. Only 50% attend meetings and, when asked

why they do not attend, most say it is due to lack of interest. When neighbors are asked about in what subject there are

more differences, the answer is: refurbishment.

This lack of interest, in our experience, will increase, and we are concerned for many reasons. The community is, basically

from the standpoint of equity, the sum of the values of all entities that set the building and, if everyone in his/her home did

the sum, we would see that it is a very high figure. We are concerned that in many communities the meetings are

disappearing and that management will remain in the hands of so few people ultimately do not end up making decisions or

taking them with less discretion to the detriment of good maintenance of buildings.

Some time ago we started thinking about how to make owners to fall in love again with their community. We ask for ideas!

The second topic for reflection is related to the rental market. There is a gap between the official discourse regarding the

need to increase the market for rental properties, that is reality.

The reality is that there is a high demand for rental apartments and very little supply. We believe that this issue is a

major social problem but, what happens?

Because at least with our data, the rotation has gone from almost 3 years to 4.5 years. This means extending 50% on the

rental market. Barcelona city has many apartments in many neighborhoods as tourist rental accommodation, and

this trend has come to not leave. Municipal companies, even today in some populations, promote apartments to sell and

not to rent because, from the legislative point of view, no rules encouraging this sector are published.

The message for investors is to buy; They will rent immediately. And the message for the Administration is to reflect on the

issue, solutions must be found.

The third topic for reflection has to do with the new development. We are selling very well; We are very happy. The

reflection comes two linked themes: the delay of many municipalities on licensing; They are collapsed. The fact that in many

places a large number of promotions will start at the same time - I know it is very difficult, if not impossible, to get-; Would

not it be better to try matching beat? I would not want us to die of success! I hope not.

Trust is the ability to live uncertainty fluently.

And above all, rest and rest ...








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By Immaculada Amat

May 2016


Now it is for real

Now brand new developments is truly and strongly reactivate. Two months ago I wrote in this diary that there were 4 crans

in the residential area of Bolvier (Cerdanya) as if it was an extraordinary fact. At the moment, it has changed and you will

see it sonn: there are going to be crans, lot of crans.

Large projects has started and not only in Barcelona. Amat is fortunate of wining competitions for marketing 3 important

projects: in Mas Lluí de Sant Just (Neinor); in Can Mates de Sant Cugat (Servihabitat); and Dalt la Vila de Badalona

(Copcisa). And some other smaller in Barcelona city such as Via Laietana (Arkel), Pallars (Metrovacesa) or Banys Vells. It

is clear that the market is revitalized.

It is a good moment to invest in new developments for many reasons:

Nowadays projects are very well studied. From the tipologies to the energy efficiency. It will be more economical

related to manteanance and energy expenses

The profitability of bank deposits is very low. Rental today gives much better results

There are very few rental housing. It is one of the problems of this time, where there is a high demand and low

supply, ensuring full occupacy for years

The purchase prices are not even half of what was paid in 2006, and I think it gradually rise.

So, we encorage you to invest! We will rent it and administrate ensuring good rents and higher profitability. Our more than

68 years of experience and nearly 8,000 tenants are a guarantee.

There are only two days a year when you can not do anything. One is called yesterday and the other one tomorrow.

Therefore, today is the perfect day to love, grow, do and mainly live!– Dalai Lama













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By Immaculada Amat

March 2016


The Real Estate market is always so surprising

The high number of brand new developments is surprising. The numbers of cranes in Bolvir (Cerdanya), for exemple.

At this moment there are 4 crans in a residential area exclusively for second residential houses.

Some “services” start being real estate agencies, we think that it doesn’t know what it is yet to come in terms of competence.

It is surprising that a morning of febrary, when I went to visit the project Magória of Via Celere, there were 12 people at the

office asking for some information.

It is surprising that my son Guifré, Director of the office in Barcelona, went to offer a conference in Valencia about the

Chinese Real Estate Market in the FIABCI workshop. Who would tell me 5 years ago!

More suprising still, or perhaps we would say surreal, the newspaper El Mundo published on 19 February:

"The Community of Madrid has begun to reclaim massively this unknown tax on rents to tenants, so far, the Administration

has gone to cash, has not been interested mess with millions of people for a small collection"

Just discovered that rent contracts are subject to the payment of ITP, when this is so since the adoption of Real

Legislative Decree 1/1993 of 24 September, the text of the Law on Transfer Tax and Stamp Duty approved documented.

Before the adoption of the Law 2/2014 of 27 January, fiscal, administrative, financial and public sector measures that tax

was cleared by ringing effects. It is from January 31, 2014 that the ITP in rental agreements passed to self-assess, in

Catalonia, through the model 600. The adoption of the Act of 2014 by the government of the Generalitat will also bring

changes in the rate applicable which is currently 0.5%.

In Amat we have fulfilled this obligation from the first day and as we most property management companies.

The carácter is the result of our behavior – Aristóteles








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By Immaculada Amat

January 2016


2015, a shaked year in the real estate market

As every year, the Diary of Change of January is dedicated to take a look at how we have lived the previous year and meet

the expectations for the beginning of the next one.

1. A first fairly good semester in demands and defined operations.

2. A rollercoaster second half: one good week, one bad week. In short, worse than the first-half results. Which are the

causes? Probably it has to do with the amount of elections that have been. It has always a paralyzing effect.

3. Prices of impact according to the sales made by Amat:

. Sant Cugat: € 2,621 sq m.

. Sant Just: € 2,976 sq m. There are a little brand new developements and if so with very different features, which

make prices higher than usualy.

. Barcelona: € 4,548 m2. There are little differences among neighborhoods. It is especially striking brand new

construction prices in the area of Sant Andreu / Poble Sec; they are higher than we had imagined not long ago.

4. Rental prices impact according to Amat operations:

. Sant Cugat: Average €1012

. Sant Just: Average €1027

. Barcelona: €1013

5. Very good news: the Catalan Goverment has published, for the first time, the official prices of sale and rent in Catalonia

based on data from the Institut Català del Sòl for rental and the Land Registry for sales. This information will help make

the market more transparent.

6. Less good news: the number of estate agents has grown exponentially over the past year.

7. An expected action: the Government inspects real estate adverts, both sales and rental, in order to know if these show

the energy label and punishes companies that do not. Only 5% of property portals publish it.

8. Good news for Amat: we won the contest to manage almost 5,000 Servihabitat departments and also won the Factor

Humà Prize and the Prize of the Luxury Real Estate Association to the best website.

9. Joana Amat was designed the new president of FIDEM, the International Foundation for Entrepreneurs Women.

What prospects do we have for 2016?

1. The implementation of brand new developments in areas where demand is really concentrated: Barcelona, Sant Cugat,

Baix Llobregat and Badalona in order to meet the demand and avoid price increases.

2. The need by the Government to rethink the past Lau (the Law for Urban Rents) and rent regulations. In the event that,

as all the experts say, the rent is needed to be promoted, the Government should be given the maximum security to

both parties, landlords and tenants.

3. Financial institutions provide credit without forgetting the need to be rigorous with filters.

4. Barcelona remains a desired city to live in for foreigners. It will be necessary to make a cleaner, friendlier and more

culturally dynamic city.

We all have to collaborate!

Dix l’amat a l’amic:

Saps, encara, què és amor?

Respòs: Si no sabés que és amor, sabera

Què és Treball, tristícia, e dolor?

ANY LLULL













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http://territori.gencat.cat/es/01_departament/06_estadistica/05_indicadors_i_estadistiques_dhabitatge/index.html

http://incasol.gencat.cat/en/1-incasol/5-premsa_i_comunicacio/1-publicacions/index.html

http://www.amatluxury.com/blog/amatluxury-awarded-with-the-best-website-design/

http://issuu.com/amatimmobiliaris/docs/calendari_amat_2016




Page | 15

By Immaculada Amat

November 2015


Very positive subjects and some others to improve

It has been a very good news for us to have won a contest of Servihabitat's 5000 apartments to manage all in Catalonia

and the Balearic Islands. We know the task is immense because we have had to hire seven new people, create new offices

in St. Just office - in a weekend-, but we like challenges and we're underway.

It is also very positive that the Catalan Government has launched and published the statistics of sales and rentals in

Catalonia in the Atlas of Rent Market, an exercise that shows important rigor and transparency. Congratulations from here

to the Secretary of Housing and Urban Improvement for his commitment on this issue.

Also positive was the Meeting Point Congress held last month where there have been some changes in relation to the

previous year: more developers, more real seekers, less bargain seekers within less desperate offerers. Everything

indicates the normalization of the real estate market, but with caution. In our company we do not get tired of saying that we

must be prudent. At the end of 2013 we hit bottom with prices, it is true, but if we make a comparison with a building, it is

not normal to go from the basement to the second floor without going through the ground floor to the first and we worry

about this happening.

The little compliance with the legal obligation to be in possession of the Certificate of Energy Efficiency to advertise a

property for rent or sale needs to be absolutely improved - nowadays it is shameful. Doing a search last week in one of the

most popular real estate portals, the results were as follows:

. 5% of properties had announced the EEC

. A 42'5% had no certificate

. A procedure put in 52'5%, which actually means they do not have it

Our company fulfills. All properties published have the certificate, which means that only 40% of the properties we have in

our portfolio are published. It is hard to convince the owners of the need to EEC when it is not requested by our competition.

It is a little depressing that nowadays Association of Property Administrators has sent a circular reminding front reception

from some requirements of tenants from the Inland Revenue Catalonia, in order to remember the obligation to settle the

transfer tax in relation to leases. The obligation to pay ITP in relation to leases has always existed. It just changed the way

it settled that, since the entry into force of the Law 2/2014 of 27 January on fiscal, administrative and financial public sector

of the Generalitat of Catalonia in January 2014, it conducted through the 600 model, it remains valid since the settlement

by stamps.

Finally, a new wake-up call for the "fashion" of freelance employees in our sector: what impact will it have in future pensions?

And unemployment subside?

Perhaps all together need to be more thoughtful.

There is a driving force more powerful than steam, electricity and atomic energy : the will

Albert Einstein









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By Immaculada Amat

October 2015


Contradictions, or not

Since last August I haven’t written the “Diary” but I can justify it: because of holidays. The truth is that this Septembre it was

hard to me to do it because it has been a weird month.

Everywhere people talk about the sector’s recovery, increasing the number of transactions and prices. Today, October 6,

La Vanguardia newspaper talks about an average increase of housing prices in Barcelona city 13%, the lowest point; and

it is true.

Historically, September has been a good month. During holidays families have time to talk, to plan, to decide. However, the

daily basis of this month has been that the visits are down, as well as the demand information so, consequently, the number

of operations. Is it caused beacause of elections? I hope not because there are again in December.

If your have any moment of boredom, I suggest you count the number of new real estate agencies around you. It is amazing!

If the number of operations in Catalonia is divided by the number of registered real estate companies, there are not even

two per year, and I am not counting professional freelance and “go and tell”

Have a look to our Real Estate Market Report 1st semester 2015, made with our data.













http://issuu.com/amatimmobiliaris/docs/diary_of_change

http://issuu.com/amatimmobiliaris/docs/real_estate_market_report_amat_2014_7fa3b683a902c7




Page | 17

By Immaculada Amat

August 2015


For a secure August

August begins; it is vacation and rest time. Amat’s four offices will be closed from the 10th to 16th August; just one week.

From the perspective of today, it seems impossible to me that years ago we could close three weeks and even some

years, even four.

We wish you to enjoy some deserved days off and relax yourselves. We will try to do so and recharge our batteries in

order to re-start more active.

I send a few recommendations that we all know, but it is worth nothing to remember:

Do not open the main entrance to strangers.

Always ask for identification and company name. If there is any doubt, call the company.

Close your windows, shutters, both main and secondary doors. If possible, with safety locks and latches.

Windows without bars can be secured with blinds and any mechanisms to avoid or make the entrance more

complicated. It is possible to find these devices in any hardward store.

Check the garage door is closed. Check it can not be accessed to the house by scaffolding or ladders.

Remember to close lights, water, gas ... Install automatic sensors to open and close lights, blinds go up and

down, if it is possible.

Let your telephone to a trusted neighbor or relative.

Be sure someone picks up your mail and takes a tour inside the house while you are on vacation, so possible

buglars can see some movement. If you see anything suspicious call the local police.

Remember to set the alarm. If you do not use it very often it is advisable to check before it works properly.

Leave something to show there’s someone living at the house

Discretion explaining details of your holidays

In case of robery, it would be useful if you marked with your ID some objects before leavingas well as taking some

photographies.

Have a nice summer!

You, the Europeans have watches, but we have the time - African proverb









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18 | Page


By Immaculada Amat

June 2015


Hopes

We started the month of June with a great joy: we were awarded with the Mercè Sala Human Factor Award. It is especially

relevant for us because it goes through a rigorous selection made by a high level jury and also because it is related to

Mercè Sala, a woman who we've always admired and with whom we have many things in common. Among them, we share

the same values. In our speech we highlight an issue which now concerns us very much: the substitution of workers by

freelance in many companies of our sector. From our point of view, it entails a serious harm to workers, all forced into

freelance, without stop, and with negative consequences for their future pensions.

This situation is detrimental to the profession because everybody goes in for the kill – which is normal in their situation,

it hurts companies, it competes in disadvantage since the first moment and it harms society and the image of the companies

besides, obviously, benefits only to the main company.

This new way of working looks more fashionable –as it is how USA Real Estate works- but neither the work market nor

society are like ours. If we need to change the rules of the game, we should analyse it and then do it so, but the company

is one to change it. Until that happens, we have to fulfill our regulations.

We are happy because this month of June new regulations of the Law of Horizontal Property come into force. It is more

modern and adapted to our current times. It is never exactly what we want but it is quite enough. It affects economics,

Government and communication issues; we will develop it in our next journal.

We are also happy about the works the Generalitat is doing in order to start a record of public data about prices of the

real estate sector in Catalonia. It is essential if we want to be an advanced country and, above all, transparent.

I like the thought of Confucius:

"No matter how slow you go as long as you do not stop."













http://www.amatimmobiliaris.com/en/new/AMAT+immobiliaris+awarded+with+the+VII+Merc%E8+Sala+Human+Factor+award

https://www.youtube.com/watch?v=LGzTlIISN9M

http://www.amatimmobiliaris.com/blog/2015/06/23/una-nova-llei-de-propietat-horitzontal/

http://www.amatimmobiliaris.com/blog/2015/06/08/la-transparencia-i-algunes-coses-mes/

http://www.amatimmobiliaris.com/blog/2015/06/08/la-transparencia-i-algunes-coses-mes/




Page | 19

By Immaculada Amat

May 2015


The landscape changes

The landscape is changing in some places. The real estate market is moving. Here are two examples:

“Les Franceses”, the area in front of the Barça field in Sant Joan Despí. There are 8 cranes at this moment.

In Can Margarit area, close to Can Brians, there are 35 bulldozers and more machinery working, moving land, flattening

it, marking streets,…Incredible! I almost cry seeing it!

Even though, news are contradictory. In April the 20th, in a national newspaper we could read the following headlight: The

price of housing remains at a standstill, while in Spain the value grows 3% in Catalonia still drops a 0 ' 4 %”. In the same

newspaper, April the 29th: The Bank of Spain certifies real estate recovery, good prospects, prices go up."

Although it is not our reality, it is true that our work scope is developed in a “good demand” area such as Barcelona and

surroundings, but it is not the whole Catalonia. I am conscious but our intern data are improving compared to last year. The

first semester, compared to 2014, our results have been the following:

For sale:

- Sant Just: 24% more in generated sales; 14% more than last year in sales over 300.000€.

- Sant Cugat: un 20% more in generated sales; 25% more than last year in sales over 300.000€.

- Barcelona: un 20% more in generated sales; 17% more than last year in sales over 300.000€.

For rent:

In all our offices we have done a similar number of operations compared to last year. Prices in Sant Just have raised

8%, in Sant Cugat 1% and in Barcelona 8%. This is our average.

One of the current topics is that there is no that much product in the market and the number of real estate companies is

growing so as a result the professionalism of the agents decrease exponentially. What is happening nowadays? That most

of them in order to have more clients, inflate prices and don’t ask for documentation.

To be honest, both things are a disaster for the market. It generates false expectations to clients but the agents get the

product and persuade the owners about prices telling them that the value is not the same told at the beginning. These are

the same tactics used in 2002-2006. For professional real estate companies, among we find ourselves, is hard to fight

against it.

The second topic is saying that they do things easier, they don’t ask for documentation until the operation is closed. This is

a failure to comply with the law. What guarantee has the owner?

We have begun to see questionable mandates, the fees laid down in relation to inflate valuation prices, advertise the product

without a mandate, freelance everywhere with the costs to his back that will do anything to capture, sell... We have all the

ingredients to repeat and improve the mistakes made in the times of the great bubble and still we have not come out of the

crisis. What to do to regenerate this sector? Is it impossible?

I want to stand up for companies doing things well. There is a higher number, surpassed by these doing it wrong.

And as independent note, for those interested in books, I recommend you to enter to our Youtube, and see the interviews

we have done to the writers Joan Margarit, Eduard Màrquez and Josep M. Vallés, there is no waste!








https://www.youtube.com/channel/UC7YKvB8UCxg1glbDpm6Kb8A

https://www.youtube.com/watch?v=ubbL_hFDJiw&list=PLe1er1poVnDpa0UTSFuMM-2lw3obcZ3_E&index=4

https://www.youtube.com/watch?v=aB_FF0G1_As

https://www.youtube.com/watch?v=KgZ7s47cOcg&index=3&list=PLe1er1poVnDpa0UTSFuMM-2lw3obcZ3_E


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20 | Page


By Immaculada Amat

March 2015


Women and leadership

Sabadell Bank and ESADE Alumni invited me to give a conference within the “Women and leadership” conference cycle

when I attended as lecturer last February 10th. Although it supposed to me a huge effort to preparing it – I am not used to

it- it finally was a great experience.

Which topic was chosen?

The historic will of our company to be different and the constant worry of being able to transmit and being perceived by the

market.

In what we’ve focused this difference?

In a long term view: In a sector with short term projects as a basis, it makes always had the customer, in the broad sense

of the word, in the center.

In constant innovation: Professional Innovation, process innovation, organizational innovation, technological innovation

and marketing innovation. I will give more examples in upcoming Diaries.

All this on the basis of unchangeable values:

Integrity, having clear red lines of what you can do and do not.

Coherence and commitment.

Perseverance.

Caution but making risky decisions in the sector.

Clear information.

Discipline.

Austerity.

The company was formed only by women during 60 years because of being coherent with our values. The fighting for

women rights was the main goal for us and I want to highlight it now that March 8th is coming. I’m sure things have changed

a lot but there’s still a long way, starting by the real estate market.

In these last two weeks I have attended several presentations of reports about the housing market in 2014 and the 2015

forecasts by professional consultants and the truth is that it surprised me. Men outnumber women. In the last show there

were 72 men and 7 women and as speakers 3 men.

I have in my hands right now a very good report by another prestigious consulting company. It is made by 10 experts, all

men. Spectacular! Worried! There are many women in the sector, it is true, but few, very few, chief executives. There is a

woman who has merit, Anna Gener, she is the Aguirre Newman’s chief executive. How different it is in the US where there

are proportionally more women! Maybe, if there were more women making decisions, we would get one of our desires: to

transform the sector making it more transparent, more credible and it would allow the entry of fresh air.

I can’t no finish without writing this poem by Maria Mercè Marçal

I thank random three gifts:

being born female, of lower class and in an oppressed nation

and the blue clover being three times Rebel













http://www.amatimmobiliaris.com/en/new/Imma+Amat+in+the+conference+cycle+Women+%26+Leadership+by+ESADE+Alumni+and+Banc+Sabadell





Page | 21

By Immaculada Amat

February 2015


2014, a positive year

Finish the year 2014 it's time to analyse and reflect on how it has gone; in general I would say that it has been a very

positive year for various reasons:

Because after 7 years of decreases in prices without stopping, this 2014 has been a year in which prices have stabilized.

In the new market, we have kept prices depending on location and quality, and, that’s great!

In towns around Barcelona: Sant Just, Esplugues, Sant Feliu, Sant Cugat; we have sold at the following repercussion

prices:

Sant Just Desvern 3.000 – 3.800 €/m2 Sant Feliu de Llobregat 2.400 €/m2

Sant Cugat del Vallès 2.500 – 2.800 €/m2 Esplugues de Llobregat 2.500 – 2.600 €m2

As we have commercialized over 30 years in these areas and we have the historical price movements, we can say

that in Sant Just and Sant Feliu we have the same prices tan in 2003, in Esplugues prices are like in 2004 and Sant

Cugat like in 2002.

There are a few years we are in Barcelona city so we don’t have historical Price movements. According to our

transactions prices have been:

Diagonal Mar 6.251 €/m2 Turó Parc 5.349 €/m2 Sarrià-St. Gervasi 4379 €/m2

Eixample Dret 4.261 €/m2 Eixample Esq. 4.086 €/m2 Poble Nou 4.600 €/m2

Surely you observe several differences among prices appearing on the media; those are always higher. There is an

easy explanation: most of the studies are made with “start” prices and those are never the prices paid in ultimate

transactions. Our prices are real, based in the end of transaction.

Because in the second hand market have also increased. There are some offer prices, especially for houses typology.

It has cost much to persuade the owners of the need to lowering prices. Those who listened to us and they bet for we

recommended, they have sold.

Because there has been more demand. When we look at it by price segments, we see what sections have lost more

purchasing power; they are the stretches between 350,000€ and 600,000€. But, there have been more visits above and

below than in previous years.

Because many foreigners keep on betting for our city to settle down although, since December, the number of Russian

visitors has decrease.

Because brand new promotions have begun, evidently in selected places, but we believe it means a certain return of

the illusion in this sector.

Because there is more facilities to obtain credits.

Because also rental prices have stabilized.

Although it has been a positive year, it doesn’t mean it has been an easy or comfortable one, but rather the opposite. As

usual we have had to contend with every operation and solve lots of legal problems in each one. In humour key we say

that, surely, we attract complicated stuff!

And there is a surprising thing: real estate agencies spring up like mushrooms; it already seems glorious years when once

someone rented us a commercial premise for a bar and some days later he asked us to change the contract because they

decided to turn it into a real estate agency. No comments!

A suitable poem by VINYOLI Alone is who doesn’t has anyone,

who lives in, but you,

full of life memòries,

don’t fasting,

because you are sharing loneliness









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22 | Page


By Immaculada Amat

December 2014


What a mess!

November has been a mess from several points of view:

From a fiscal point of view

From a market view

From the point of view of news for homeowners

Until the 28th of November the recent fiscal taxes changes have not been published in the Official Gazette (BOE) and, as

usual, it was a mess of contradictory information from the government itself. You never know if they first do some studies

to see what happens or if they really make laws without taking into account possible consequences and once they realize

overturn. The truth is that last June, with the approval of the draft, the fiscal tax proposal reform went on all media and,

among other things, it leads to the disappearance of some tax benefits for the transmission of properties, including the

offset coefficients and coefficients update. This worried many owners who had their homes for sale and decided to speed

up the negotiations so that the sale could happen before the end of the year to minimize the tax impact.

At that moment it was a right decision but nowadays, in some cases, that is not so. Seeing the definitive reform it could

have been more positive to wait some fiscal years. It has been many changes from the Pre-project to the Project and from

the Project to the ultimate approved version. This fact has generated a sense of insecurity and a considerable juridical

uncertainty. Moreover, we must take into account the short time to the end of the fiscal year and consequently the little

scoop for manoeuvre and planning.

Mess in the market; for one hand, we have read in the media that Catalonia is where less operations of acquisition have

been made of all Spain in the first quarter of this year. In the other hand, we have seen that when a commercialization

process of some real estate development has started in Barcelona, there have been huge cueing and have been quickly

sold out.

Finaly, when one talks to different companies all agree to affirm that we are in a moment in which market is in a continuous

saw-tooth movement: there are visits one month but not the next one; there are operations one month but not the next

one…This situation has a perverse effect. Many owners think that prices can be raised because we are again in a good

moment but, watch out! We can’t forget we have the same unemployment, salary rents are still frozen and many countries

where some buyers come from have internal problems that imply less foreign buyers’ affluence.

And last, a mess in the Owners’ Communities. They think how resolving those new fiscal requirements (347 model) in such

a short time. Getting ready TV antennas for new tunes is not nonsense. Historically, our statistics say that the incidents that

get owners more nervous are those having to do with TV antenna. Moreover, according to installers, there is not enough

material to make the necessary changes before December 31 and, finally, the requirements to apply for the grant are quite

cumbersome.

A suitable poem by VINYOLI: The Gain

Never give up,

Turn aside

where you before saw the vane

that made you believe in the ultimate

shout

of the forests’cock.

Come in

black sea inside and go down

When you can, coraller, and you have

removed the heavy diving suit,

you’ve won a flat sea

And the gull flight
















Page | 23

By Immaculada Amat

October 2014


Optimism in the 18th Barcelona Meeting Point

Those last days the 18th Barcelona Meeting Point edition has been held and the first thing we must appreciate is that this

real estate venue has been able to resist despite the collapse of the sector. We have to thank to Enrique Lacalle, Josep M.

Pons and his team’s effort. In 2009, 2010 and 2011 the easier would be to throw in the towel.

The current BMP is a modest fair compared with those extraordinary fairs that, seen from distance, were great vanity fairs:

a place where great real estate developers fighting among themselves with the aim of seen who had the biggest and most

spectacular stage.

What exhibitors have been there this year? Big developers such as Llave de Oro, Nuñez i Navarro, Vertix and some other

small such as Volumètric, Elix, Iberhogar,…as well as real estate bank divisions such as Anida, Solvia, Servihabitat and

some consultants and marketers like as.

What were the ideas presented at the Symposium?

Principle of moderate consumption of plots and the fact that the majority is not competitive because of its location, as

well as the need for Director Plans as a tool to establish new competitive locations.

The role of the government as drivers of strategic projects: to regulate efficiently, effectively and disturb as little as

possible.

The Administration should act countercyclical. In good times the weight of the progress of the economy must fall into

private hands, but in hard times has to be stimulated. Today, however, due to lack of resources, it is hard to do so.

In new developments the value of the land has to be low in order to arrive to the real demand. There are nice lands but

there are also a high number that due to its location probably can never develop

Need to professionalize the sector, both developers and marketers in order to give confidence to the markets.

In Spain now are 27,000 homes sold per month. It must be said that the assignments included private banks, in fact, do

not lose the stock.

The experts opinions are that in 2015 300,000 homes will be sold. To increase the amount would be needed to

consolidate the economic recovery and hiring people and financing possibilities improve.

One can’t speak about market in general terms because it is very heterogeneous. There are areas where will be

movement and others will be stopped for years.

'Services' are here to stay and will become large estate. We think that may be some concentration and there are

possibilities to list on the stock exchange.

The rental market will increase; particularly due to the need of mobility of young people. The sense of ownership was

created in response to certain policies so the feeling of rent can also move again.

So, how was the 2014 BMP to Amat? Well, the truth is that we can’t complain. The data were:

177 requests filtered which means the number of applicants we have data and description of what they seekk

for.

65% seek for new properties and 35% second hand.

12 ratings.

We have also had meetings with 8 real estates of different European countries.

If compared with other years, the data of this 18th edition of the Barcelona Meeting Point real estate have been lower, but

with a lot more quality. Regarding to the ratings, we have chosen only areas and properties that we believe are likely to be

marketed. We can say that we have been much more rigorous in the selection.

The positive and fundamental difference of this year is that customers have finished just seekng for bargains. The client

now knows the value of the property and also knows what really wants or needs..

And, as we are All Saints festivity,

a suitable poem by VINYOLI:

We all know,

We all know: life

Inexorably plays its game

Someone, though, says in the darkness:

Life smiles without reason,

Death is always right

As an elder in a corner








http://www.bmpsa.com/ca/areaexpositores/expositores/

http://www.bmpsa.com/ca/symposium/programa/

http://www.amatimmobiliaris.com/blog/2014/11/07/tornem-a-participar-activament-al-barcelona-meeting-point-i-els-mitjans-sen-fan-resso/


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24 | Page


By Immaculada Amat

September 2014


New course starts again

Every year when we go back to work after holidays is like starting new course. During holiday’s period apart from resting,

there is always time for thinking, develop new ideas, analyse... That's what we've done throughout our life. Years ago when

were fewer in the company people used to told us "don't think"... But this is inevitable.

Video of the interview with Antoni Bassas for Ara TV

about the historical and personal trajectory of the Amat’ sisters.

The first thing you realise of is how holidays have changed. Thinking that

some time ago we used to close for four week, later on three, and then two until nowadays when we only close one -

everyone but Commercial Department that remains making appointments.

The truth is that in a company like ours it is important to remain opened as long as possible due to our heavy costumer

orientation since we have to be able to solve possible incidences as fast as possible. In this sense we must say that we are

always available. Our call centre works wonderfully well.

The beginning of the course is also the moment to do changes and to re-design the flow chart. In this sense in our company

has taken place personnel movements between offices, as well as some replacements, in order to meet the needs in family

conciliation or desire of keep developing one’s professional career.

The second thing that one appreciates is that we could have analysed the result of the first quarter and compare it with

previous years realising that the last one has been better. These are good news!

We sold a well situated plot, which means that some survivor developer has been able to

find by his own ways the necessary founds to invest and buy, due to the fact that banks don’t

finance plots. We will see some cranes!

There have increased the selling and buying operations although not incomes since real

estate prices have dropped and nowadays this market keeps moving itself among very low and

slightly sustainable prices.

The aftereffect prices not only are stable but in some metropolitan areas of Barcelona also

have raised a 1 %, whereas in some neighbourhoods as Sarrià-Sant Gervasi those have

increased a 2% and almost 5% in Diagonal Mar area, although this is an exception since this is

the most valuated area for foreign buyers.

Finally, I read a pair of books of relational marketing by North American gurus. All of them very interesting and help you to

think about the 'emotional' part that exists in any business transaction, in any service, especially in the real estate

commercialization. The fact that the client feels unique and all the transaction became personal is really important… And

this is our extra cost! Technology and real estate platforms are only tools.

A sentence of these holidays: “Instead of asking us when the next holidays will be, you should build a life from which

you won’t need to scape” SETH GODIN business man and consulter.













http://www.ara.cat/premium/societat/IMMACULADA-JOANAAMAT-comercials-no-accessibles_0_1195080491.html#a_comments

http://www.amatimmobiliaris.com/ca/publicacions/Informes+de+mercat+i+Mem%F2ria

http://www.ara.cat/premium/societat/IMMACULADA-JOANAAMAT-comercials-no-accessibles_0_1195080491.html#a_comments

http://www.amatimmobiliaris.com/ca/publicacions/Informes+de+mercat+i+Mem%F2ria




Page | 25

By Immaculada Amat

July 2014


Holidays are here

A few days ago an important economist asked me how the Real Estate Market was going and I explained to him that it was

depending on the month: “a month looks like it is going well and the next one contacts, visits and transactions decrease”.

What he said reassured me. He assured that drops in crisis go always straight whereas recoveries go stepped. That’s

exactly what is happening!

Now it’s the moment of starting the SEPA regulation and next August is the final date. Our informatics’ systems have been

adapted last December and now we have the arduous task of collecting again the majority of direct debits banking.

It is a task in which we have committed all the departments and for which we have counted on the invaluable help of our

Communities’ presidents. We will make it in the deadline!

Speaking of regulations, it is being difficult for us to get that property owners provide us or allow us to obtain the Certificate

of energy efficiency, without which it is impossible to make any kind of advertising -under the current law. Suddenly it seems

we have less products but the problem is the certification! What surprises us is that recently we went to an important Spanish

city and looking to some display windows of real estate agencies we found out that there wasn’t any trace of energy

certifications. As usual, there are different speeds.

In terms of renting, again a bombshell: we don’t know where we go. It doesn’t seem coherent the approval of a law to

revitalize the rental market only one year ago and to announce only four days ago that the latest fiscal measures

comprehends the removal - from January 1st of 2015- of the 100% forecast in the IRPF which affects tenants who are aged

between 18 and 30 years old and lower the overall reduction for leases of dwellings from 60 to 50%. For those who believe

that the country must make a firm commitment to rent, these measures are completely disconcerting.

Not only the rental market is affected, but the second hand market will also suffer the consequences of this fiscal adjustment.

For one hand, the suppression of the called lowering coefficients for which the profit generated in the transmission of

housings acquired before December 31, 1994 had the right to the application of a few reducing coefficients that could

reduce considerably the hereditary tax profit to be paid. The elimination of these coefficients will harm the taxpayers who

will pay for the whole of the generated appreciation, without any kind of reduction. It will be necessary to see the effects it

has that in most of the operations the appreciation could be little.

On the other hand, this month of June has been a month of frenetic activity for us from a social point of view: we have

organized two Dinners in the Real Estate environment. The first one had Agustí Serra, General Director of Territory and

Urban Planning Management, and Carles Sala, Secretary of Housing and Urban Improvement as speakers. In the second

one, the speakers were the prestigious Economist Jordi Galí, Director of the CREI. Besides, we have celebrated the Real

Estate Club Dinner at ESADE sponsored once again by Amat. This month we also have been awarded with the Best

Business Career Prize by the Baix Llobregat Chamber of Commerce... and a lot more!!

As an homage to Joan Vinyoli on his centenary:

The word

As a fountain, sometimes, the word

Says the world’s secrets.

Have a nice holiday!








http://www.bde.es/bde/es/areas/sispago/Una_vision_gener/La_Zona_Unica_de/La_Zona_Unica_d_4bafb69c8d20921.html

http://www20.gencat.cat/portal/site/icaen/menuitem.3dced8940534077fc644968bb0c0e1a0/?vgnextoid=7bf09137fa8ed310VgnVCM1000008d0c1e0aRCRD&vgnextchannel=7bf09137fa8ed310VgnVCM1000008d0c1e0aRCRD&newLang=ca_ES

http://www20.gencat.cat/portal/site/icaen/menuitem.3dced8940534077fc644968bb0c0e1a0/?vgnextoid=7bf09137fa8ed310VgnVCM1000008d0c1e0aRCRD&vgnextchannel=7bf09137fa8ed310VgnVCM1000008d0c1e0aRCRD&newLang=ca_ES

http://www.amatimmobiliaris.com/object_uploads/publication/up_pdf/SOPARS%20ENTORN%20IMMOBILIARI%202014.06.pdf

http://www.amatimmobiliaris.com/ca/noticia/Amat+Immobiliaris+patrocina+el+XIV+Sopar+Anual+del+Sector+Immobiliari+-+Esade

http://www.amatimmobiliaris.com/ca/noticia/Amat+Immobiliaris+patrocina+el+XIV+Sopar+Anual+del+Sector+Immobiliari+-+Esade

http://www.amatimmobiliaris.com/ca/noticia/Amat+guardonada+amb+el+Premi+a+la+millor+Traject%F2ria+Empesarial+-+Cambra+de+Comer%E7

http://www.amatimmobiliaris.com/ca/noticia/Amat+guardonada+amb+el+Premi+a+la+millor+Traject%F2ria+Empesarial+-+Cambra+de+Comer%E7


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By Immaculada Amat

June 2014


Present, past and future

With a long delay - time becomes short for everything- on the first of May we celebrated the General Meeting where we did

a comparative exercise with the most representative data of Amat Immobiliaris between 2007 –last good year before crisis-

and 2013.

The results have been the following: 2007 2013

Offices 2 4 Workers 46 60

Calls 31.401 130.732 Emails nd 720.000

Administration Departments -Renting 2.600 4.044 Owners On-Line nd 80%

Administration Departments -Communities 7.992 12.496 Presidents (Sant Just) On-Line nd 75%

Although the business has grown considerably, the margin has drop 18 points

as a consequence of prices decrease along this period. We must remember

that all our Administration and Commercial incomes are proportional to the

properties value in the market.

We also confirm that emerging communication technologies affect to our

costumer’s habits. Therefore, we have to be prepared and in Amat

Immobiliaris have achieved our personal goal: more than 75% of our

Administration costumers are on-line. This is a percentage over the highest

of the sector. We thank to our people, suppliers and costumers their

availability and involvement.

More information in MEMORIA 2013

Moreover,

We are glad Colonial Real Estate has consolidated its future.

We don’t understand or we don’t want to, the article published in the Council of the National Association of Property

Administrators Magazine in where was said that the Tax on Documented Legal Acts it is only applied in some

autonomous regions. Surprisingly, iwe have paid it in Catalonia all our life!

We have made our first journey to Russia where there is still an interest in buying in our country, but also fear of Ukraine

problem and concern about rubble drop.

We also have made our first journey to China, where we confirmed the Chinese’s interest for our country.

Founds keep moving, finding its places, and we don’t know yet how will it affect us, what changes will it brings,…We

will see.

That’s way we think this BENEDETTI sentence fits perfectly: “When we thought we had all the answers, suddenly all the

questions were changed.”













http://www.amatimmobiliaris.com/es/noticia/Reuni%F3n+General+-+%C9ramos%2C+Somos+y+Seremos+-+Amat+y+Ruben+Llop

http://issuu.com/amatimmobiliaris/docs/memoria_actividad_anual

http://www.amatimmobiliaris.com/es/noticia/La+depreciaci%F3n+del+rublo+pone+en+peligro+la+%27revoluci%F3n+rusa%27+del+sector+inmobiliario+-+Idealista+news

http://www.amatimmobiliaris.com/es/noticia/El+%27visado+de+oro%27+coloca+a+Espa%F1a+en+el+mapa+de+los+inversores+chinos+-+Agencia+Efe

http://issuu.com/amatimmobiliaris/docs/memoria_actividad_anual




Page | 27

By Immaculada Amat

April 2014


A positive quarter

Before yesterday was Christmas’s day and yesterday Easter. A whole quarter has gone so fast and real estate market is

slowly moving.

This quarter has had some positive “signs” that, as usual, it will need to be consolidated in order to become a tendency.

What signs have been those?

In the Commercial Area

to make purchase and sale transactions within

450.000€ and 800.000€, the most punished

budget. It was the most static.

to sell brand new properties off-plan.

any property developer analysing plots with

intention to buy .

increased number of visits.

price stability.

In Patrimonial Area

4 months in a row without any decrease in rental prices.

In the Community of Owners Administration Department moroseness has decreased from 7% to 4’8%. Our team is to

be thanked for the effort and perseverance during the follow-up of the collection.

Also in Communities, for the first time in years, several rehabilitation budgets have been approved. Always have been

waiting better moments until now. Therefor we are starting to rehabilitate façades, elevators,…

By contrast, the market is in a moment of a deep change the scope of which is still unknown: the selling of several real

estate networks, the emergence of lots of real estate agencies, the phenomenon of “I have a Chinese” – there is no day

when someone calls us assuring one has a Chinese contact who wants to invest. It is incredible!

You all see changes in this market are deep and companies as ours are compelled to be more flexible and adaptable. The

challenge is keep the service quality and the client orientation. In essence it is like giving a prime service in low-cost strategy.

There is more information in Market Report 2013.

Signals make us optimistic and as DAVID KAHNEMAN says in his book 'Thinking quickly, thinking slowly': The optimists

are wrong more often, but do better in life. We want to believe it!

NOTE: invitation for the Luxury Real Estate Exhibition in Beijing (China) attached just in case you are around there these

days and you want to pay us a visit.








http://issuu.com/amatimmobiliaris/docs/informe_del_mercado_inmobiliario_am

https://gallery.mailchimp.com/a8d73861b781a26ccc04c88ad/images/LPS_Beijing_2014_May_16_18_E_Invitation.jpg


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By Immaculada Amat

March 2014


65th anniversary of Amat Immobiliaris

On 4th of February Amat Immobiliaris celebrated our 65th anniversary at La Pedrera, the fantastic building located in Passeig de Gràcia and designed by Antoni Gaudi. It was a celebration focused mainly as a tribute to the first generation of the family, Concepció Amigó -Viuda de Amat-, without her perseverance the company would never have reached this

anniversary.

Concepció Amigó -Viuda de Amat- deserved this tribute. The company was founded by her husband, Joan Amat in 1948, but he died suddenly in 1948. The company was just four years old, Concepció had a two year old daughter, Imma Amat, and the second daughter, Joana Amat, was born just a day after Joan Amat was buried. Concepció decided to continue with the company, and in eight days she visited all the clients, some of them ceased to work with Amat Immobiliaris just because she was a woman. This was the Spain of 50s.

The celebration was elegant and emotional at the same time, and thanks to the 280 attendees (clients, businessmen, real estate colleagues, family and friends) the celebration was very special.

Imma Amat and Joana Amat (2nd generation and current CEOs of Amat Immobiliaris) started the event with a warm welcome speech and a very sentimental explanation of the company's history and values, these values which are still visible in the daily business of Amat Immobiliaris. The event was divided in three main parts, the three life passions of the second generation of the company: business-economy, culture and social responsibility.

The first part was dedicated to business-economy. There was a round table with tree well-known economists (Oriol Amat, Elisenda Paluzie and Miquel Puig) and three well-known businessmen from family companies (Núria Basi -Armand Basi-, Ramon Carbonell -Copcisa- and Cèsar Molins -Ames-). These dialogues were moderated by the prestigious journalist Antoni Bassas. A lot of interesting comments and ideas were made, one of which being that for every 2.000 Catalan companies, only 1 lasts 65 years or more, and that's only possible when a company is able to periodically renovate itself.

The cultural part was lead by the unique poet and family friend, Joan Margarit. He gave a brillant introduction highlighting the importance of culture and knowledge today, and how there is a lack of them in today's society. Joan Margarit, reciting his poems, transmitted his power and emotion.

At the end, just after the poetry reading, Amat Immobiliaris was honoured by the President of Catalonia, Mr. Artur Mas, who gave the closing speech. His words were very important and emotional as he cited us as an example in the real estate sector. He also said we were an example, in a wider context, for our company values, work and consistency. The climax of the event came when the President of Catalonia, Mr. Artur Mas, handed a bouquet to Concepció Amigó -Viuda de Amat- and all the attendees gave a large applause in homage of her.

The last part of the event was a cocktail party for all the attendees. It was organized by FiT a social fundation which Amat Immobiliaris collaborated with during 2013. They helps young people with difficult lives learn cookery and service. We also highlighted eleven more fundations that we collaborated with each month last year.

The cultrural part was also complemented by a sculpture exhibition next to the cocktail area, organized by Espai Lliure Creació Carme Malaret and the music played by Orquestra Fusió Sant Cugat during de cocktail. Finally we would like to thank the support receibed to celebrate this 65th anniversary: to our sponsors Mutua de Propietarios, Thyssenkrupp Elevadores and Watium; and special thanks to Arts Gràfiques Orient, Sumarroca and Vallformosa.

We invite you to see the PHOTO GALERY FROM THE EVENT AMAT65 and VIDEOS FROM THE EVENT AMAT65.













http://www.amatimmobiliaris.com/object_uploads/publication/up_pdf/65anys_historia_AmatImmobiliaris.pdf

http://www.amatimmobiliaris.com/ca/noticia/Oriol+Amat%3A+Els+10+secrets+perqu%E8+una+empresa+creixi+-+ViaEmpresa

http://www.amatimmobiliaris.com/ca/noticia/Oriol+Amat%3A+Els+10+secrets+perqu%E8+una+empresa+creixi+-+ViaEmpresa

http://www.amatimmobiliaris.com/ca/noticia/Antoni+Bassas%3A+Confian%E7a+moderada+en+el+futur+econ%F2mic+-+Diari+Ara

http://premsa.gencat.cat/pres_fsvp/AppJava/notapremsavw/detall.do?id=245511

http://www.amatimmobiliaris.com/blog/2013/05/14/fundacio-formacio-i-treball/

http://www.carmemalaret.blogspot.com.es/

http://www.carmemalaret.blogspot.com.es/

http://www.orquestrafusio.weebly.com/

http://www.mutuadepropietarios.es/

http://www.thyssenkruppelevadores.es/

http://www.thyssenkruppelevadores.es/

http://www.watium.es/

http://www.agorient.com/

http://www.sumarroca.es/

http://www.vallformosa.com/

http://www.flickr.com/photos/amatimmobiliaris/sets/72157640288883243/

http://www.youtube.com/user/amatimmobiliaris/videos?sort=dd&tag_id=UC7YKvB8UCxg1glbDpm6Kb8A.3.m%C3%B3n-amat&shelf_id=4&view=46

http://www.flickr.com/photos/amatimmobiliaris/sets/72157640288883243/




Page | 29

By Immaculada Amat

February 2014


And already 7 years

When I look back it seems incredible we have survived seven years once the real estate bubble collapsed. Seven years

of concern, of constant changes in our sector; seven years of constant fighting in order to not reduce any job and don’t lose

money; trying to grow up in a crumbling world and adapting ourselves to a new one. This is the world of the

internationalization, financial institutions networks, investment funds, new SEPA’s regulations…

Days ago in a meeting with the sales managers of the company I asked them which feeling they had about this last year

and their answer was unanimous: tiredness.

Tiredness due to a really hard year because of many reasons: a first quarter of real estate market slack and feeling the

impossibility of achieve the goals fixed –always reasonable, though; constant changes in critera, people and many of

financial entities that we work for – everyone is worried about future but it do not justify certain attitudes-; hard closing

transactions;…By contrast, in the second quarter visits and transactions have positively increased.

The same question made to the community of properties manager administrator had the same answer: a really hard year,

because of the increased moroseness; the budget reduction in communities and all problems it implies; increasing strained

meetings… And sometimes generalized stress manifests itself aggressively in the meetings.

In the other hand, it has been a positive year for the rent administration: prices have been stabilized, 2’09% of controlled

moroseness, some owners have reactivated rehabilitated politics of its buildings since in 2008 when have been

paralyzed,…All this is really positive.

How do we start 2014?

First of all, many banks start announcing mortgage concessions.

Housing developers – of the few remaining- has explained us they have received many financial entities propositions

for financing a new housing project. How many years have passed since we haven’t heard this?

In Amat,

Commercial visits of January 2014 almost doubled those of January 2013. Could it be a a new trend?

Why start the year wit ha new fiscal department that has had a good welcome from clients.

Early this month we celebrate the company 65th anniversary. This is an extraordinary opportunity to pay tribute to our

mother, our own personal heroine.

Your light is Green, moon, and fells yet with more silence, than the snow on dawn –Joan Vinyoli









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30 | Page


By Immaculada Amat

Dicember 2013


We don’t stop!

Earlier this month I went to Lima to collect the IWEC prize, which greeted me with a very positive experience meeting

entrepreneur women around the world and realizing that we share the same problems and concerns... just in a different

dimension. The growth and vitality of Lima was spectacular, with new buildings throughout the city, ten and a half million

inhabitants, and cranes everywhere. Special thanks to the Chamber of Commerce of Barcelona for organizing and for the

attention received.

Mid-month we went to Barcelona Forum II Judges / Property Administrators, which is always an interesting experience for

discussing the issues that affect us as much as the proposed New Horizontal Property Act, that will need to be adapted

to the current economic and social crisis we are experiencing. Amat defends new criteria for the proper functioning of the

governing board of the homeowners (it must not start every year from the beginning), there must be a continuity between

board and board and find ways to continue the policies of maintaining estates which came with the advent of the crisis, and

many other things.

Speaking of propriety management, the Patrimonial area of Amat are pleased to have fully completed one of our goals

for 2013, incorporating digitization program FacturaScan and throughout the area, so that both property management

and rent on property owners, as we have automated everything making errors impossible. It was a long and complicated

process but it is the best guarantee and peace of mind for our customers.

At the end of the month we also went to Madrid in the 8th Meeting of specialized real estate asset management, the most

interesting of the papers, especially those who spoke more about future than of past and present. Such as explanations by

Banco de Sabadell which have studied how different soils that have arrived, as have placed and continue with the policies

they think on following. At least it was positive and encouraging.

Finally, how is it going the Commercial area in Amat? We want to show that October and November have been two

active months in the hard commercial life, and it seems that the arrival of the end of the year has encouraged buyers, or at

least made them understand that NOW is the opportunity for good prices. We are those who think that next year prices may

rise in some areas. And good news are that we have begun to hire local (5 years ago renting a commercial space was

exceptional), since we returned from vacation we have rented more than the previous two years.

Finally, especially these days we are attending the LPS Shanghai fair, who were we to say? Soon we will explain the

experience!

How will I fight only with useless words, what will the fighters cries be for? – SALVADOR ESPRIU













http://www.amatimmobiliaris.com/en/new/Immaculada+Amat+awarded+with+the+IWEC+2013

http://www.amatimmobiliaris.com/blog/2013/11/28/ii-forum-jutges-administradors-de-finques/

http://www.amatimmobiliaris.com/blog/2013/12/11/trobada-sobre-gestio-dactius-immobiliaris-a-madrid/

http://shanghai.lps-china.com/real-estate-expo/




Page | 31

By Immaculada Amat

November 2013


Playing with the 5

Enrique Lacalle and his team don’t fall out even though each year it is harder to pull ahead a fair like Barcelona Meeting

Point, in an area where the actors have changed so much. We have to congratulate the whole team for their effort.

Who was there? Only two of the historical Promoters: La Llave de Oro and Núñez i Navarro, newly, Corp, and it did not

get up to half a dozen of small and medium ones. A deep respect to the Meeting Point that took place 8 years ago, which

included impressive two-storey stands where champagne and ham were present every day. Comparing only with last year’s

there are also differences, apart from Promoters, a large number of banks have disappeared: Catalunya Caixa was not

there, nor Unnim, Banco Popular… We have had the feeling of an almost familiar Meeting Point.

We would like to congratulate the organization for the confidence in Molins Interiors for the design of the common space

of the Lounge, a modern, warm and nice space. What a difference from the usual!

Our data from the Barcelona Meeting Point this year does not seem as good as last year’s. We visited a lot less people,

but instead we have been left with a good feeling as people were more interested than they were last year. The details:

▪ We have dealt with 255 applicants, 24 Chinese clients and 18 Russians. We have 45 programmed valuations.

▪ We have had 17 commercials working.

▪ Guifré Homedes, Amat Barcelona’s office director was along with 7 Russian real estate representatives, the only

speaker representing a state property in the 1st session of the Symposium BMP: "How to sell properties to Russians",

which has given us importance in the media as the article in the newspaper El País and several interviews or mentions

on radio, press and television.

▪ Our new project in China’s presentation, www.barcelonasecondhome.com, has also had a great reception, like “La

Vanguardia que ens ha donat un semàfor verd” to the initiative. Really an honor! And this is only the beginning, as the

next 6, 7 and 8 of December we will be at the Shanghai Real Estate Fair. If any of our clients or friends are around in

the city for those dates and are curious to visit the fair, we have tickets available.

Què més es pot demanar a 4 dies i mig?

On the other hand,

As a result of the complexity of time, contrasts and difficulties:

- On Thursday the Sareb stand was held for hours by the PAH (Platform of People Affected by the Mortgage).

- On Sunday a group of people manifested for the Preference.

Finally, on Saturday afternoon there was the Barça-Madrid match, and from 5pm the fair looked like a desert.

During the days of the fair the magnificent office building Cornerstone of 20,700 m2 was opened in Poble Nou, managed

by Bream Real Estate and designed by the architect Albert Blanch. Congratulations to all of them for going forward with

a project like this.

"I’m nothing and nobody and I’ll shut up, but you need to talk, because you have to answer big questions" –

SALVADOR ESPRIU










http://molinsinteriors.com/

http://www.barcelonasecondhome.com/

http://www.prestige-mls.com/blog/shanghai-2013-luxury-property-show/


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32 | Page


By Immaculada Amat

October 2013


Playing with the 5

5 years of crisis

50 diaries of change

Despite all this Amat continues, and with 65 years of experience on the back, we can say that:

each hour, 500 Amat houses are consulted by internet.

each hour, Amat receives 5 new contacts, new demands.

each hour, Amat manages 150 calls.

this year, Amat has complete 50 operations with clients of emergent countries: Russia, China, Egypt, Libya…

Apart from this “amusement”, September has been a complex month, since the return from the holidays we haven’t stop…

We regret that this month one important Promoter has gone bankrupt, friend of ours, that has resist everything possible,

surely more that what it was convenient, one Promoter that loved the business.

A surprising fact, is that when the crisis started a lot of real state agencies closed, now it seems like the situations has been

inverted and a lot of them are opening, for example near our office of Barcelona (3 this summer). We don’t understand it!

Precisely setting aside the bank houses, one of the big existent problems in the property market, is that there are a few

second hand houses on sale.

Another surprising fact is, that this month we inaugurate our webpage in China www.barcelonasecondhome.com, as a

result of wanting to take forward a powerful Project “full service”, support by the web and one net of collaborators in the

main cities of China. Who would have imagined that 5 years ago!

It has been approved the “Law of support to the entrepreneurs and their internationalization”, now we need to see if it covers

the expectations.

“For a stint, the summer one, we attend to one approximation to freedom" - SALVADOR ESPRIU













http://www.barcelonasecondhome.com/

http://www.prestige-mls.com/blog/spanish-visa-real-estate/




Page | 33

By Immaculada Amat

September 2013


The housing sector hasn’t made vacation

I’ve advantaged the holidays to read the Diaries written since now (5 years of reflections), when I began I didn’t imagine

that I was going to write so many, rereading them now I realise that a lot of opinions, ideas, reflections… are valid even

today, the biggest mistake were the provisions of the fall in prices, nothing to do with the reality, that has been harder.

If I turn now to the Diaries “post-holidays”, I see clear that during the months of August has happened little or nothing

remarkable talking about real state agencies, because the mean themes were:

August 2008: For the first time the Government sais the word crisis.

August 2009: the uselessness of the “Plan E” of the central Government, a lot of wasted money.

August 2010: reflections about the not appearance in the jobs interview despite the situation.

August 2011: comments about the reduction of the period “closed for holidays” in a lot of business, like for example

Amar.

August 2012: comments about the possible of the rescue of Spain and the creation of the “Wrong Bank”.

Any comments about the facts related to the sector, August was a compass time, of waiting.

August 2013: This years there have been important news in the real state sector that directly or indirectly could affect

us:

Catalunya Caixa sells her real state platform to two foreign sources. This fact that is important for the volume and

the quantity of assets that the manage, opens a lot of unknowns for the own people who works directly in the

platform and for enterprises that commercialized for Catalunya Caixa, which will be our future?

SAREB has sold a big package of estates to a venture capital fund. Good new, there is interest for invest in the

sector.

Continues the sale transaction of Servihabitat.

Continues the interest of two big enterprises of Madrid to enter in the shareholding of Immobiliaria Colonial.

This year the news of the sector are really important! That’s why I said at the beginning that the sector didn’t take a break.

One final note, I’ve walked through Catalonia during the holidays and… zero or almost zero cranes… impacts!

Good comeback!

The hours will arrive tomorrow quiet,

Opened large wings of the birds

They last in the field the big summer calms. - SALVADOR ESPRIU










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34 | Page


By Immaculada Amat

July 2013


A different view

We have waited to do this diary, to study well all the changes in the Law for Urban Lease, to think about which should be our recommendations, and organize three events (one in each office) with our clients-owners to explain our proposals and get their feedback.

Having said that, we can say that we have a different point of view, because after having listened to all that has been said in the gatherings, to all that as been written in the media… our view is different from the majority’s.

Law 4/3013, of the 4 of July, of flexibility and encouragement measures of the rent of estates.

This is the title of the last modification of the Law for Urban Lease and of the LEC, and we ask ourselves: encouragement? Can we talk about encouragement when we put the renter into more uncertainty and insecurity than ever? Is this the interest of homeowners?

We probably look at this matter from the point of view of part of the landlords, from the point of view of the main typology of our client-owners, those who we have tried to inculcate during years, that the fact of renting makes them entrepreneur of a business that has as a client the tenants.

What needs to be done with these clients/renters? To take care of them, to guarantee their security, and to ensure that they don’t leave us.

When is more profitable the rental business? When there is a small turnover: each time a renter leaves, that means new expenses to put the house in good conditions, and months of clearance (without payment) until finding new lessee for the house.

When we have listened to all the media, and even we have read in comments and notes of professional associations, that the most common opinion is thinking that it’s better for the house owners that they can sign three years contracts, we don’t understand this point of view, so we ask ourselves:

Is it really good for our clients? Our answer is NO (except in special situations). Indeed, we think that it can transfer possible renters to buyer clients.

It is good to be able to take out a renter so easily? Our answer is once again No. It’s true that the law itself foresee a protection system through the civil registration of the contract, but, and its cost? How many tenants will do this?

What good will it do a register “of defaulter debtors” if we only can register the final judgments? Our long experience is that the sentences that we obtain are just a few: in most cases, the renters give you the keys back a few days before the lawsuit. So, aren’t they defaulter? And the ones who auto-settled their selves the bail, aren’t they defaulter too?

And we could continue…

Our recommendations to all the house owners are clear: to continue doing contracts of 5 years, don't include the resignation to the mortis causa subrogation (that one that allows that once the renter has died it's possible to take out the family of the

house). Why do they to this if the contract has yet a limited duration? We find this excessive.

With this new Law of flexibility and encouragement measures of the rent of estates, now more than ever the contract takes vital importance: a good contract protects both parts, and a bad contract can bring to unwanted situations. This is the challenge of the flexibility and the freedom: if they are well applied, the result may be perfect, but it has to be carried out very well.

We wish you happy holidays, which provide you new loaded energies.

Our sentence of SALVADOR ESPRIU of the month: "We strive often for doing anything, for not stop doing anything and

for complaining ourselves, because they don't do anything and they neither let us do anything”.













http://www.amatimmobiliaris.com/en/news/Amat.+Events

http://www.amatimmobiliaris.com/en/news/Amat.+Events

http://www.amatimmobiliaris.com/blog/2013/06/06/modificacio-de-la-llei-darrendaments-urbans/






Page | 35

By Immaculada Amat

June 2013


Summer is here, I don’t know how we’ve done it but we’ve survived

Sometimes I think that someone changes the time guidelines and now the day has less than 24 hours. We haven’t finished

until yet the Annual Report 2012 that we attach, so it is that the Diary of Change of this month is the Annual Report itself.

It has been a month with little motivation, and still less the presentation of the XXIX Meeting of the “Círculo de Economia”

in Sitges. All the speakers with pretty depressing messages, maybe I would highlight in positive the President Artur Mas

who explained a list of positive things under way at these moments, in positive too the intellectual brilliance of the President

of the “Círculo de Economía” Josep Piqué, and in negative the Minister Luis de Guindos, he spoke probably about

Macroeconomy, to faraway of the world of the ordinary people.

Like always, I leave you with a sentence of SALVADOR ESPRIU for the reflection: “He thinks the same about your own

crowd. They speak equal, with contrary words”

ANNUAL REPORT 2012








http://www.amatimmobiliaris.com/en/publications/Know+Us%21


http://www.amatimmobiliaris.com/en/news/Amat.+in+News

http://www.amatimmobiliaris.com/en/news/Amat.+in+News



http://issuu.com/amatimmobiliaris/docs/annual_report_amat_2012


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By Immaculada Amat

May 2013


Once again, with contradictory feelings

April was a bad month from the point of view of figures:

Unemployment rose and rose, just as we see every month.

Populism advances. Fear of there appearing a “redeemer” (from the right or from the left) sweeping all before him or her; that can only be combated with truth.

There was an increase in verbal attacks against Catalonia from the rest of Spain.

The frivolity of some of those who take part in the chat shows televised on some TV stations, where instead of informing they create mistrust, insecurity.

Extraordinarily negative, the restrictions on aid for those caring for dependent persons. How many social problems will be created now?

For Amat. in its work the following was negative:

The loss of a sale operation because the purchasing client had been directly affected by the Cyprus issue.

The loss of the occasional Administration of an Owners’ Association, due to the price war currently existing in the sector. It is impossible to provide a good service: with Call-centre to handle incidents 24 hours a day, 365 days a year; On-line Property Administration that involves keeping all the accounting management up to date; paying all suppliers punctually; having a good professional insurance; and especially having a professional team that knows its work thoroughly. All that for €4 a month per owner, impossible!

The fall of more Promoters, ones that we know have acted properly but have been brought down by lack of credit. A shame!

But April has also been a positive month in some ways:

A Decision has been handed down by the European Court on the subject of mortgages in Spain, promoted by Judge J.M. Fernández Seijo, our Speaker at the last Real-Estate Sector Dinner, whom we have known for many years (since his first posting as Judge was in Esplugues de Llobregat). It is hopeful to see that the Judiciary — or rather, some of the Judiciary — is committed to society. And not only through this decision, but because, as Mr Fernández Seijo explained to us, his function in the Commercial Court, and that of many colleagues of his, is taking on a broader view with the mission of helping to solve problems for many companies, instead of helping along their closure.

Within the existing possibilities, civil society is increasingly opting for patronage or micro-patronage to foster new projects or existing projects to which the government cannot provide support as it used to some years ago.

After attending a gratifying talk by Josep Ramoneda, I came out with the feeling that there remain possibilities of saving ourselves from disaster, that there are still some people who think, who reason, who do not engage in the facile talk we have become accustomed to.

We have lived through an extraordinary Sant Jordi book fair, perhaps because the weather was very good, or perhaps because people wanted to get out, to feel themselves part of a unique festival, or maybe a bit of all those things; the truth is that it had been some time since we had seen so many people with smiles on their faces.

For Amat. it has also been a good month:

We have managed to carry through several operations that we had been handling for quite some time.

We have found that there are people who once again want to invest. It is no longer just anecdotal, and that encourages us.

Appropriate for these days of fleeting poppies.

Ara digeu: “la ginesta floreix, arreu al camp hi ha vermell de roselles” (Now say: ‘the broom is in flower, around the field is the red of poppies’) – SALVADOR ESPRIU













http://www.amatimmobiliaris.com/object_uploads/publication/up_pdf/RESUM%20SOPARS%20ENTORN%20IMMOBILIARI%202013.04.pdf

http://www.amatimmobiliaris.com/blog/2013/04/30/xerrada-de-josep-ramoneda-quina-regeneracio-democratica-es-possible/




Page | 37

By Immaculada Amat

April 2013


Balance and reflections for the future

As we do each year, on the last Friday before Easter Week we held the General Meeting of Amat. Both Joana and I are

impressed when we see the number of people in our company: now standing at 65! We’re not sure whether to start running

without stopping. As in most companies, I suppose, the general meeting serves to explain how the previous year had gone

and what the projects and objectives are for the current year. For our part, we also take this opportunity to have a speaker

give a talk that helps everybody to reflect on the future.

This year the speaker was Josep M. Galí, academic, consultant and writer, who reflected about three concepts that form

part of the way we go about things as a society, and that therefore transform life, businesses, companies:

CO for collaboration, cooperation, consumption, collaboration, etc. The truth is that in our organisation we have already

experienced this, for example, when we have rented a shared flat.

RE for reutilisation. Josep M. explained that in the future greater value would be accorded to products that had been

designed with a view to their reutilisation. We know of a company devoted to the reutilisation of children’s clothing,

Trastus. Within our company, too, more and more things are being reutilised.

SO for society. Society recovers its role; we enter into a secularised society, understood as a society that has confidence

in itself and feels capable of resolving its problems.

I leave you with those snippets from the talk, for those who might like to think about them.

In general, March was perhaps a little better that January and February, and reservations for the purchase of flats were

made at all our offices. The prices are really very good for purchasers, and there are excellent opportunities. But what

remains an increasing worry is the rise in unemployment, a phenomenon we see every day in the patrimonial department,

where we are in contact with very many people. And what is not only worrying but also disappointing is the behaviour of

many of our politicians.

That is why we find truth in the words “els que volen dialogar de debò s'han d'afanyar en la penetració del pensament

recíproc” (those who really want to enter into dialogue have to try hard to get inside reciprocal thinking) - SALVADOR

ESPRIU








http://www.josepmariagali.com/sobre-mi/bio/

http://www.trastus.com/


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By Immaculada Amat

March 2013


A somewhat gloomy month

It is usually difficult in February to fill sales agents’ diaries, and this year it has certainly been even harder. All the ratios

have gone done: the number of phone calls, the number of e-mails, the number of visits, the ratio of turning phone calls

into visits, not to mention operations!

It is very hard work to raise the spirits of a population besieged on all sides, a population that feels afraid, that sees its

capacity reduced day by day. All that despite the fact that this is the best time for buying: there are lots of opportunities, for

we have prices that were unthinkable only a short while ago, in all segments. Could anyone have foreseen that there would

be flats in Barcelona for €100,000? Or highly impressive houses for €1,000,000?

Despite such a discouraging panorama, our Sales Department has never been at a standstill. It has been working very

actively on the various platforms of the financial entities, managing databases, seeking out potential buyers and doing ever

more follow-up work.

And it is along that line of never stopping that the Luxury Area moves. The people in charge of it, Nadia and Guifré, attended

an International Convention on Luxury Real Estate in Valencia, where not only were they able to feel the pulse of the

market in other countries but also forge closer links with companies that could bring us clients from all over, as they are

brought (three or four a month) by the group of real estate companies who are our partners in Moscow and Saint

Petersburg.

And as we like challenges and studying new things, we accepted a unique commission: to value a group of schools located

in various different parts of Spain. A group of schools owned by a well-known Congregation, some of them housed in

unique and unrepeatable buildings. It has been a gratifying task due to its singular nature, a different consulting job that

obliged us to create a model that could be extrapolated to other types of valuations. It is such challenges that help us

emerge from the dominant greyness of the times.

Also gratifying was the Wine Tasting that we organised at the Barcelona office for the 2012 buyers. Under the masterly

eye of Ferran Centelles, the former sommelier of El Bulli restaurant, we managed to have everyone enjoy a surprising and

fun evening.

With little events such as they we try to offset and neutralise the great sadness of the times.

“Convé pensar un futur lluminós, convé pensar en les equivalències de vida i llum, de mort i fosca” (It is a good

idea to think of a bright future, in the equivalencies of life and light, of death and darkness) – SALVADOR ESPRIU













http://www.amatimmobiliaris.com/luxury-venda-desc

http://www.amatimmobiliaris.com/ca/noticia/Amat+Immobiliaris+al+7%E8+Simposium+Internacional+de+Luxury+Real+Estate

http://www.amatimmobiliaris.com/ca/noticia/Cata+de+vins+amb+Ferran+Centelles+-+Wineissocial




Page | 39

By Immaculada Amat

February 2013


A stressful month

For small companies such as ours the month of January is a complicated one from many points of view. The previous year

has to be closed and the corresponding reports drawn up at a general level, while at the level of departments numbers

have to be added up and analysed; all this without ceasing in our day-to-day work.

The new year clearly has to be planned, objectives discussed with heads of department, budgets drawn up, and so forth.

And how complicated it is to draw up the sales department budget! Preparing the marketing plan, designing the strategies

of each area, the financial plan; and again, all this without ceasing in our day-to-day work.

Large companies have their marketing, planning, human resources departments, and so forth. In small companies, in which

we try to keep the structure as small as possible, we also run those facets in our own way. The difference is that one and

the same person will doubtless wear different hats.

Stressed, yet pleased to have a new year started off properly, and pleased too that on the basis of being very nimble,

controlling expenditure tightly, we managed to close the year with a surplus, virtually a miracle if we bear in mind just two

figures:

Without losing even a single client from vertical, income has fallen by 35%, corresponding to the accumulated two-year

fall in rental prices, plus a lengthening of the time it takes nowadays to rent out a flat.

The sale price in the commercial sector has fallen by 35 to 60% depending on the zone, and of course that too directly

affects our operating account.

Pleased, too, because we are achieving this based on everybody putting in an extraordinary effort, based on innovating

processes, on carrying out marketing and more marketing. Pleased at having managed not only to maintain our staffing

level but even taken on two new staff members.

What pleases us most of all, however, is having managed, from a total of 96 claim actions announced over the course of

the whole year, to end with just 18 notices to quit, and in the end only 4 evictions. One can only guess at the management

work, the imagination that lies behind keeping those figures so low! It is one of the little grains of sand (ours, and those of

our clients) that helps to maintain such a struggling society.

When we look at all that is going on around us we are overcome by indignation, we wonder whether we might not be just

ingenuous dreamers trying to save a few jobs, a few families’ houses, while day after day we hear talk of corruption and

still more corruption on the part of those who represent us, or represented us in the past. It is frankly demoralising.

But so as to avoid frustrating ourselves any more than we already are, we would like to hold onto a sentence penned by

SALVADOR ESPRIU "fer tot allò que puguem de la nostra part, per tal que el món sigui una mica menys desagradable

i sobretot una mica menys pervers" [doing for our own part all we can to make the world a little bit less unpleasant,

and particularly a little bit less perverse]









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By Immaculada Amat

Jaunary 2013


An intense 2012, and a 2013 with frights in store (according to forecasts)

The year 2012 has ended, having surely been the most intense one in our professional life. So many things have been

happening, and all so quickly, that it is difficult to evaluate them. For the time being, though, we must be content as a

company — another year has passed, and we have maintained the two objectives we have had since the start of the crisis:

keeping our staffing levels and continuing to invest in marketing.

And we should be more content still at having managed to:

Increase our portfolio of real estate under administration, thanks to the confidence that a large bank has placed in us.

Increase the number of properties sold in relation to the preceding year, albeit at lower prices.

Integrate the new Sant Cugat Centre office in record time.

Continue organising our Real Estate Sector Dinners… and many more things.

We have achieved this thanks to the dedication of our people, to their capacity for being flexible and adapting to the

requirements and demands of the current market. To the effort we have all put into constantly training and preparing

ourselves. To the enthusiasm we bring to becoming better day by day. All that has kept us here, exhausted but alive!

Despite all that, it has not all been a bed of roses. We have problems, a great many problems, as does everybody these

days.

We have embarked upon the much-feared 2013, and we are feeling nervous. All the news that reaches us is bad news,

and all the forecasts worse. We are extremely concerned at the great economic and emotional stress that our society is

bearing at the moment. How long can it hold out? We think that a collective effort must be made to retain jobs, for otherwise

the country will collapse in the end.

From the Amat viewpoint, the image that is reaching us at the moment in looking at 2013 is the image of a circus – we will

have to do balancing acts, work magic, tame wild beasts, make double somersaults, and, if necessary, be clowns. There

will certainly be tears and laughter, but we hope to reach the end of the year having got through the show and readying

ourselves for the next performance.

In homage to Salvador Espriu, whose birth anniversary is being celebrated this year, we quote part of his poem:

“M’han demanat que parli de la meva Europa” (1959) [“I’ve been asked to speak about my Europe” (1959)

Que no sigui decebuda la nostre esperança, May our hopes not be disappointed,

que no sigui escarnida la nostre confiança: may our confidence not be ridiculed:

així molt humilment ho demanem. This we very humbly ask.]














http://www.amatimmobiliaris.com/ca/noticies/Actes+Amat.

http://es.wikipedia.org/wiki/Salvador_Espriu




Page | 41

By Immaculada Amat

Christmas 2012


Solidarity proposals

As we do each year around this season, we are printing a calendar, and again like each year it revolves around a specific

theme. This year we wanted to render homage to the foundations that work in our surroundings. We feel that they are

currently playing an essential role in our society, deploying the efforts of large numbers of anonymous people to make up

for the role that was formerly played by the Government. We are sure that without their contribution this society of ours

would be even more polarised, and would be unable to provide a response to such pressing needs and requirements.

We are aware that this is just a small sample, that we have restricted ourselves to the ones closest to us. We are also

aware that in other parts of the world the needs are much more urgent and substantial than ours.

In the end, though, we have chosen the ones most directly related with the setting of Amat.

We would also like to thank our sponsors and collaborators for the support we have received in producing this calendar.

We wish you happy festivities and, most especially, plenty of hope, positive outlook and strength for the coming

2013.








http://www.amatimmobiliaris.com/en/publications/Know+Us!


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By Immaculada Amat

October 2012


Positive surprises

The first positive surprise was this October’s Barcelona Meeting Point. Our company was unsure right up to the last moment

about whether or not it would be a good idea for us to take part in it. In the end, we decided to go, and the success surprised

us and all who participated. Queues of people seeking information, people really interested in buying, and a feeling that

prices had now reached levels that today’s potential clients could pay.

Amat had its own space in the Russia zone, as well as sales staff at the Solvia, Catalunya Caixa and BMP stands.

The figures were substantial:

14 Amat sales personnel at the Fair

650 visits attended to

20 interviews with Russian real estate companies

3 operations closed at the Fair itself + other operation closed later

We were also surprised at the interest the media showed in the sales made by Amat to clients from the former Soviet

Republics, with three television interviews, one radio interview and two interviews in print media.

We therefore feel that the financial investment put in and the efforts made by our staff achieved a satisfactory result.

Despite this, we cannot help but compare this Meeting Point with the one from 6-7 years ago. We have gone from three

pavilions with two-floor stands to half a pavilion with only 8 real-estate developers, 6 financial entities and some sales

personnel.

In the second surprise, Amat has been awarded the FUNDE prize for its effective policies of conciliation of family and

working life. The prize was presented at a formal event held at the Seu Vella in Lleida and presided over by the city’s mayor,

Angel Ros.

A negative incident came, however, in the form of a tough inspection we were subjected to by the department of consumer

affairs of the Government of Catalonia on the basis of a complaint lodged by a person interested in renting a flat, to whom

we did not rent it due to the potential tenant not meeting the financial solvency requirements that the owner and the

insurance company had laid down. The incident dated back to the month of November 2011, and after 12 months they were

asking us for documentation proving the tenant’s insolvent status. Is that normal? Are we not supposed to destroy such

documentation under the Data Protection Act? Be that as it may, taking advantage of the incident, they inspected all that

could be inspected. We reach the conclusion that we, companies that are strict, abide by the regulations, pay our taxes

religiously, have ISO certification, have ourselves audited voluntarily and so forth, are actually very much more exposed.

What a contradiction!

Patience is a tree with bitter roots that bears sweet fruits. (PERSIAN PROVERB)














http://www.324.cat/video/4291390/Salo-pendent-dels-inversors-russos

http://blocs.xarxaradio.cat/observatori/2012/10/17/guifre-omedes-amat-immobiliaris-els-russos-estan-enamorats-de-catalunya/

http://www.premisfunde.com/




Page | 43

By Immaculada Amat

September 2012


Point of no return

Our Catalonia has changed since the last newsletter. A great movement arising out of the people themselves, and not from

politics, has stirred our small country. The wish to become a State has turned on their heads the plans and strategies of all

the political parties without exception. It strikes me as a great triumph of democracy. Doubtless we are all filled with doubts,

even fears, but I am equally sure that we have to look ahead and advance along the path we have taken. The generations

coming along behind us expect it and need it. A good client of ours said: “the step taken on 11 September is as important

for us as man’s first step on the moon, there’s no going back.”

And while the country moves forward, we try to live with a day-to-day situation in which there are ever more problems.

Among owners’ associations in blocks of flats, for example, of which we have administered a great number over many

years now:

We have never encountered a higher percentage of unpaid bills.

Many associations have already spent their reserve fund, others have only been undertaking the minimum in

maintenance work, and others again have been doing without services.

We have a great many cases of payment enforcement proceedings under way for owners’ association debts. This

has to be done even though we don’t know where it will lead us, apart from preserving the general interests of the

associations, for the fact is that many association members cannot pay.

But as always we would like to be positive, and there is good news too:

We have leased two industrial premises

In Barcelona, sales of second-hand homes have reactivated.

We will be going to Barcelona Meeting Point, where you can find us at the Professional Trade Fair from 17 to 19

October. We will also have a representation from 17 to 21 October at the General Public Fair, at the stands of the

main banking entities we work with (Solvia and Catalunya Caixa).

Celebrate any progress. Don’t wait to get perfect – ANN MCGEECOOPER (North American executive)










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By Immaculada Amat

August 2012


I need so much time to do nothing

that I have no time left for working

Those were the words of PIERRE REVERDY, a poet connected with the French Surrealist and Cubist movements, quoted in

the latest book by ENRIQUE VILA-MATAS.

Maybe it's to do with the holidays, this doing nothing. But the real question in these fast-changing times is whether we have

any time left to do nothing. I personally think that we have less than we would like, and certainly less than we need.

My impression is that the vast majority of companies have changed the way they take holidays. Many have closed for fewer

days than usual, among them Amat, yet we had nobody sitting around doing nothing: there were lots of people still in

Barcelona, we had a quite substantial number of visits and we concluded operations.

In general terms, we are living in a state of permanent tension. Should we be bailing out, and whom? The banking sector

or the country itself? When? How? Should it be the bad bank, and should it be right now? How and which properties?

Should the Spanish Urban Leases Act (LAU) be amended? Have you taken a look at the published proposal and who

benefits from it?

I seems like the Catalan story of the greedy miser: we never gain a clear idea of where we are.

But despite all, we say as always: life goes on, and also brings us positive things. During these holidays I listed a few of

them.

In the Cerdanya-region town where we spent our summer holiday the same restaurants as have existed for years are

still there and still under the same owners, which is a success in itself.

An elderly man from the Terra Alta region told us that he would be prepared to give up a month’s pension if that would

help save the country. We should take note of that.

In July some friends of ours sold many apartments in a promotion on the Costa Brava.

We are increasing our staffing! So much time is needed, and so much effort to get much less done!!

Let us hope that the holidays, whether long or short, have served as something of break and for “recharging batteries”

ahead of a promising autumn.
















Page | 45

By Immaculada Amat

June 2012


Words are the brain’s glasses or wheels

I wanted to begin the last newsletter before the much-needed summer holidays with this reflection from EMILI TEIXIDOR, in

order to pay homage to him on his death and also because his reflection is very appropriate at the moment. I have referred

to it in many newsletters, about how things are not said with the right words and, therefore, we don’t do the things that we

should. A poor state of affairs!

And what a month of June! From the Sitges sessions to the Cercle d’Economia meeting, it was all tears (though a high level

was set in the interesting debate between the former French minister Kouchner and his German counterpart Fisher): the

tensions of the risk premium, unemployment out of control, Greece, the “bail-out” of Spain, the legal decisions affecting

Catalonia, and, above all, the problems being experienced by all citizens. Surely no more negative things can happen?

As you know, though, we always seek to be positive, and amidst the general economic decline, amidst the reigning

discouragement, we can find some positive notes:

It is positive that we could set a price in the Sant Cugat real estate market. Following years of month-by-month

reductions, prices have finally stabilised and the fall, while extraordinary, has now halted. Prices have fallen by some

50% from their highest point, reaching stability in May and June. Finally, we at Amat and the various Promoters have

started to sell.

It is positive that a consensus is being reached concerning the need for a different model for Catalonia.

It is positive that Barcelona remains an attractive city to live in, and so many foreigners thus continue to come.

It is positive that recognition has been accorded to the sociologist Manuel Castells, who has been awarded the

“Holberg”, the “Nobel Prize” among sociologists.

It is positive to be able to hear people like Jordi Pujol, so clear-sighted despite their age.

And now that the holidays are with us, we must be positive, for we live in a delightful country, we have marvellous sunshine,

and we manage to attract lots of tourists to come and visit us and help us improve our economy.

Have a good holiday!









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By Immaculada Amat

May 2012


Caught between indignation and carrying on

Following the events of this last month the whole country, or nearly everybody, should be feeling indignant. Not a day

passes without some bad news! The matter of Bankia tops it all, and yet is at the same time paradigmatic. We are speaking

of figures so immense that we cannot reckon their true value, and yet nobody is accepting any responsibility. The rating

agencies are continually lowering our rating, and that includes Catalonia, which has been doing its homework more and

more. Central government has cut subsidies and aid for the handicapped by half, and we must ask whether that was really

necessary. Obviously not! Why don’t they shed civil servants in those ministries that have for years been devoid of content?

There are many, many reasons to feel indignant. If we added them up, each of us would have a sackload.

I read by chance in a magazine that during the Second World War the British government printed some posters with the

phrase “Keep calm and carry on”. They didn’t actually use the posters, but taking up that phrase again, that is exactly

what we have to do: “keep calm and carry on”.

That is just the spirit the General Manager of the Clínic hospital, Josep M. Piqué, conveyed to us a few days ago at a dinner

— to carry right on at a time that is so difficult for the health sector.

And Carles Sumarroca too, at a Chamber of Commerce lunch, spoke about eight strategic ideas for mobilising companies.

Again, Josep M. Galí, at the presentation of a study by Fundació Creafutur, suggested that we reflect on the consumer of

the future, in another way of looking ahead.

And today they are broadcasting TV-3 television channel’s Marathon against Poverty. We might view this in a number of

ways. One’s initial feeling is of deep concern. It took me back to when I was young, many years ago, when they broadcast

charity programmes on the radio conducted by Mr Dalmau and Mr Vinyes. That was the Spain of the 1960s, so where are

we now? The second reaction is that we are in a situation of emergency and that we must carry on.

One last reflection: just as well, then, that — albeit with shoving and tumbling — civil society is carrying right on.
















Page | 47

By Immaculada Amat

April 2012


As the strange world moves onward

This phrase, read in a book by Paul Auster, struck me as the perfect title for this month’s diary, because everything really

is very strange.

We have rulers in Madrid who one day say things are white and the next black, who distort data any way they please.

We have the problem of big companies and the multi-million salaries that their managers and executives are paid even

today. Only this last May 1st we read in the newspapers that Mr. Martin, CEO of the Martinsa company, was raising his

salary!

And we have some government departments hiring staff, and they are hiring at prices way above the market levels, people

without any kind of educational qualifications, earning the same as a good salesperson or a tax advisor with a masters

degree. Who can explain such things?

There are the speeches given by leaders of the Catalan left parties, bitterly criticising the measures of the Catalan

Government, as if the history of the region had nothing to do with them, when only yesterday they were the ones in

government! Are they not part of the disaster, as we all are?

And while this strange world moves onward, most mortals have to work magic just to carry on. A company like ours,

with so many clients, and close to its clients, sees the daily miracles that people and companies work in order to survive.

A few examples:

Over 50% of those who leave rented flats tell us, when asked, that they are going to live with relatives. The sociologists

are right when they say that families are showing more solidarity than ever.

Promoters who find themselves forced to sell off the last personal possessions left to them in order to pay the bank re-

financing agreements they have had to take out over recent years.

Industrialists, from whatever sector, with good orders portfolios, with impeccable banking records, who in order to be

able to survive find themselves obliged to use their own personal assets as surety for the renewal of loans, doubtless

for smaller amounts then they had before and under worse conditions. And that is only the ones who can manage even

that, for the majority find themselves forced to close.

Many lawyers and tax advisors who have had to join together to share offices, reinvent themselves, for many of their

clients (companies) have disappeared.

All of us, or nearly all of us, have had to reinvent ourselves, but seeing as life goes on we do just that, move onwards

without looking back... and precisely as life goes on, we never tire of saying “Investors, now is the best time, invest in

the real-estate sector, it is full of opportunities!” If you don’t, then in a few years — I don’t know how many — you will

regret that you hadn’t!









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By Immaculada Amat

March 2012


What a challenge and what a responsibility!

On the last Friday in March we held the company’s General Meeting. It makes quite an impression to see 62 people gathered

together. What nerves, what a challenge and what a responsibility!

We started off with a talk from Cèsar Molins, owner and Managing Director of Ames, a member of CAREC (advisory body

to the Government of Catalonia on economic reactivation and growth). Ames is an industry in the metallurgical sector, with

seven factories divided between various countries (though with most in Catalonia) and more than 700 workers.

So why did we ask Cèsar to give us a talk? Well, because despite the differences between his company and ours in terms

of sector and dimension, we do have many things in common. There is our vision of our businesses, our values and our

principles. Indeed, convergences to the point that, without having agreed in advance what he would talk about, Cèsar

decided to use part of the presentation that he had himself given to the General Meeting of Ames, which turned out to be

almost exactly the presentation we had prepared ourselves for Amat. Many thanks, Cèsar, for devoting a few hours to us

on a Friday afternoon just ahead of Easter Week.

Our meeting served on the one hand to analyse how 2011 had gone, and on the other to set objectives for 2012 (a much

more difficult year than we had forecast). So what were those objectives?

To grow and grow, for when expenses are already very tightly controlled, when processes have been studied and restudied,

when your staff is well trained and you want to hold onto them, at times when income is falling so much, growth is the only

way left for you to balance.

Focusing on the client, on a job well done, on providing the best service, on personalisation, and particularly taking care,

despite the pressures of the market, not to lose the values that have been key for Amat.

And there has been some good news at Amat. The incorporation of the new Sant Cugat office has been completed in

record times. The good work by Banc de Sabadell, both on the real-estate side and on the banking side as such. And the

incorporation of another member from the third generation, Nadia Massagué Amat, who will be the future head of sales of

Amat. Immobiliaris.

To end, a little phrase I read in an advertisement and liked: Do more, be more!
















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By Immaculada Amat

February 2012


The world is changing... and what about you?

January and February were very difficult for everybody, and particularly for our sector. If we choose to see the glass as half

full and we compare the figures for sales, visits, phone calls and operations over the last ten years, we see that the month

of January has always been slacker than other months, a month when visits do not get under way until the second fortnight.

This year the market response has been different, however, and the standstill lasted until the second half of February, so

that only now are we noting a gradual recovery of interest by property seekers, with phone calls, e-mails and so forth, thus

setting the sales chain under way.

Buyers can now be sure that in 80% of cases owners have become aware of the new situation, new prices, aware that the

world is changing. There will always be a few, though, who dream that that everything will be the same as before.

Rentals have been responding better; above all, we are managing to keep the bad-debt rate under tight control. It involves

a lot of work for us, but in our view this is what is best for owners and, above all, good for us as a society.

And as we are being positive, and following the guidance of Oriol Amat, who always says that in spite of everything there

are people and companies that make progress, we would add that there are also projects that move forward. Some of them

very close to us, helping us to think that we should be able to get something moving. In Sant Just Desvern, for example,

we are now completing registration of a Junta de Compensació (owner-controlled site-development company) in the town

centre, and the owners intend to begin the development immediately. Also in Sant Just building work is beginning on the

new Can Mèlich sports club, a project that started some time ago and that has now acquired the momentum required to

become a reality. Added to which the Planes family is entering the Indonesia market and creating a line of assistance for

entrepreneurs. Everybody surely has doubts about whether this is the right time, for we are all filled with doubts, and that

as why we like this saying:

If a man will begin with certainties, he shall end in doubts; but if he will be content to begin with doubts he shall

end in certainties. – FRANCIS BACON (1561-1626) British philosopher and statesman.









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By Immaculada Amat

January 2012


Things weren’t as tough yesterday as today!!!

That seems to have been the “mantra” of our country over the course of 2012. Day by day the news is worse, and the

Minister de Guindos was saying only a few days ago that the next five years would be the most difficult ones we had

experienced. To take just one figure: unemployment now stands at 5,300,000 people, and rising. Guardiola’s dictum about

“getting up earlier each day” no longer seems all that useful, so what are we to do? Switch down to the minimum? Or follow

the strategy that we have followed so far, one of controlled growth?

If we examine 2011, it was an exceptional year for Amat, in terms of growth and positioning (though not in results, obviously).

Circumstances sometimes lead to having to take decisions at times when we did not intend to, and that is what happened

to us in 2011. We had planned to open an office in Barcelona, and we did so, and the truth is that we are very pleased, for

in just one year we have made much progress. Later, we had a chance to grow in Sant Cugat by acquiring the company

INOGAR, and we did so. We now have in Sant Cugat centre an entirely refurbished office that is fully up and running.

And 2011 was also a year of lots and lots of hard work and devotion of time.

In the vertical assets department, bad-debt management posed a continuous challenge, trying to find individual made-to-

measure solutions for the needs of tenants and owners alike. Bad debts rose along with the rise in unemployment, at times

using up the little public and private assistance that was left for nonpayment of rentals.

In the case of owners-association property, too, managing budgets and bad debts became a nightmare.

And what can be said of sales, where closing transactions is so hard!

Due to all that, the AMAT management team wonders each day about how to approach 2012. An honest reply nowadays

would be without great optimism but with a will to tackle matters with courage, with the strength that comes from having

come through four years of crisis-change, without losses and without having to shed staff (on the contrary, we have

increased our staff and have still managed to take on innovations). We have of course had to ask all our employees to

devote their best efforts, and the commitment and flexibility so necessary in a setting that is changing around us day by

day. Let’s go for it!

No passion so effectually robs the mind of all its powers of acting and reasoning as fear – EDMUND BURKE (Irish

politician and writer)
















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By Immaculada Amat

November 2011


The uncertainties continue

Unlike in the months of September and October, the Amat commercial department went better than expected during this

last month of November. It’s not yet time to throw a party, but at least for all the sales team who have been working non-

stop, the fact of managing to close operations did lend morale a boost. Sales staff clearly need the financial variable part,

but it is more important still to manage to close operations, and that is lengthy and complicated nowadays, a real obstacle

course.

Nowadays any service, and we are a services company, is very difficult to manage — more bad debtors, more time and

attention required, and that means more people. It appears to be a contradiction, for while an increase of staff is reasonable

and necessary from the service standpoint it is not reasonable from the financial standpoint. We are permanently operating

with this great doubt. We consult “gurus” and we encounter different stances, we analyse what the consultants do and again

we come up against opposing stances. So in the end we opt for our own strategy, based above all on the longer term and

on a desire to be able to continue providing the best service. I am engaging in these reflections now, because it is precisely

now that we are designing and planning for 2012 (we have heard it said lots of times that 2012 will make 2011 good) and

accordingly it is now that we are raising all the questions again.

Talking about questions, how is it that you request an appointment at the Town Hall and three weeks later you still have no

appointment? How can it be that next week we are working one day yes, the next day no, all through the week (due to the

December 6th and 8th bank holidays); if that distorts things for a services company, what must it be like for industrial

companies? How is it that the youth sections of a political party spend their time adorning advertising hoardings with

messages that have nothing to do with our companies? How is it that with so many million unemployed it is so hard to find

good professionals really ready to work (and not just keep a chair warm)? I’ll leave it at that, however, for I could fill an

entire page.

I think that MACHIAVELLI expressed it well when he said The human tragedy is that circumstances change, but man

does not.









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By Immaculada Amat

October 2011


Meeting Point: present and past

The Meeting Point real-estate trade fair took place at the end of October. We have been attending it right from its outset as

a member of Ceigrup, and might be said to form part of the group that got the initiative under way. Before that, we had been

as visitors to the MIPIM, held in Cannes and forerunner of Meeting Point. For years we had taken part in the Trade Fair

until the euphoria of the sector, the great power of the promoters, almost expelled us. This year we were back again, though,

and our first feeling was: what a change!!!!

The first thing you notice when you entered was incredible reduction in the space devoted to the fair, and such scant

attendance now!! Fewer than 10 promoters, fewer than 10 marketing companies, fewer than 10 banking real-estate

companies. The institutional spaces were the biggest, along with the Russia space, an initiative aimed at attracting investors

from the former USSR, nowadays on an upward trend.

As for ourselves, Amat Immobiliaris, we had been very unsure about whether or not to attend, for it represented a sizable

investment. In the end, and analysing the real possibilities of the current market, we decided that it was one of the few

options that existed today for capitalising on a certain high-end market. We had the precedent of the results of marketing

of Illa del Mar, where 75% of our sales were made to foreigners, and of that percentage 45% to citizens of the former USSR.

We were also very well aware that the fact of committing ourselves to attending obliged us to undertake a number of actions

we had decided upon some while ago but had not actually carried out, such as creating a microsite in Russian, drawing up

a company presentation leaflet in that language and opening up the range of collaboration measures with Russian estate

agents.

We prepared thoroughly for our attendance, with actions before, during (we even had three Russian-Catalan interpreters

with us each day) and after the trade fair. Now, we’ll have to wait and see what results that brings in the future, for we had

not expected an immediate result.

We also took part in the spaces of some of the Banking Real-Estate Companies for which we work, and there we did make

contacts that may well become operations. Indeed, the Saturday evening and Sunday morning were very lively at those

spaces, with lots of inquiries.

We believe that we were not mistaken in deciding to attend, despite the huge financial and personal effort involved. Now

we will have to find out what results will emerge.

As we spent many hours there, we had time to think back to previous editions in which this trade fair (and doubtless others

too) had become a great showcase of vanities, where everybody had to be bigger, flashier and, particularly, more heavily

in debt than the rest. Where are all those promoters now? How could anyone believe that small companies such as ours

could suddenly become promoters with millions of euros in financing? And above all, how did they allow us to do so?

In the end, what had been done has been done, and those of us who are still left have to struggle to survive in an increasingly

complicated environment. Over these Meeting Point days we were able to talk to large numbers of colleagues in the sector,

and the feeling was unanimous: September and October were a disaster, yet we believe we now have to apply to ourselves

the dictum of CONFUCIUS - It does not matter how slowly you go as long as you do not stop.
















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By Immaculada Amat

September 2011


The Changes

In our sector of real estate, many things are changing.

Prices of properties for sale and for rental have positioned themselves in today’s real world; and in spite of the serious

financing problems, we have managed to continue selling — indeed, in certain highly specific promotions, with greater

success than we had expected.

The containment of bad debts has called for considerable effort and resources, as well as for an imaginative approach in

order to attain a sustained low level of bad debts at a time when they seemed to be getting out of hand. Naturally, that

involves a lot more work!

It is no easy task to manage to maintain a bad-debt level of 6% (while only 3.85% reach the stage of eviction) when financial

problems are so serious, and serious for all social layers. We can of course see that is not the same administering property

in the zones we handle as administering in much more working class zones. All the same, we nonetheless also experience

a great many problems collecting payments. Right from the very start, however, we have tried to find solutions one by one,

so that we can avoid in as far as possible the serious problems for tenants involved in a process of eviction; for the owners,

too, as they nowadays surely need that rental money much more than before. But we bring imagination to the task, we

reach agreements, we bend over backwards to avoid evictions.

With Owners Associations we have a more complicated problem, leaving little room for manoeuvre, for we have spent two

years now keeping down budgets, negotiating with suppliers and taking other measures. But once we have done away with

a certain service, replaced lawns with artificial turf, what more can we do? It is a tough one!

Reduction of VAT on the acquisition of new building work is surely a good measure for providing incentives (should it

have been approved only so recently?), even though it benefits only a small part of the products out there in the market. To

analyse only our own portfolio of products for sale, it is clear that it benefits the sale of the newly built blocks of the few

promoters still operative nowadays and also benefits sales of the promotions that the financial entities are now beginning

to offer. But it does nothing for new buildings actually acquired by many financial entities, which despite being brand-new

products, from a taxation standpoint, are already second transfers.

As we no longer believe in large-scale solutions, do not believe in miracles, but believe only in the sum of small measures,

actions that we can all keep taking to try to improve matters little by little, then if the Government helps us in that, so much

the better!

Courage is not the lack of fear but the ability to face it - JOHN PUTMAN









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By Immaculada Amat

August 2011


FOUR YEARS!!!

This September, it is now four years since we all ceased to be rich! At first, we surely thought that it would be like other

times, with three years of suffering from which we would then emerge unscathed. Today, though, we have all become

aware that our world has changed, that the rules of the game are no longer the same, and that countries such as Spain will

find it much harder to maintain a certain level, harder than it will be for other countries in Europe.

That is how things stand, and it has taken us some time — maybe too long — to face the facts. But it is now clear to all:

government, businesses, workers, the banks. Or rather, clear to nearly all, for it sometimes seems that the leaders of certain

parties do not accept it, or at least so it would seem from their declarations — even now, when until only a short time ago

they had been leading.

This August we have had a number of experiences and items of information that have revealed those changes and made

us reflect on the situation:

Barcelona did not seem like the typical Barcelona in August, for there were a lot of people in the city, quite apart from

the tourists, of whom there were many. The newspapers were unable to publish the typical photos of the Diagonal or

Passeig de Gràcia main roads empty of traffic, which meant that many people had remained in the city or kept their

holidays short.

Fewer, many fewer people in the mountain destinations. In the Vall d’Aran, for example, there were still plenty of

vacancies in the mountain refuges, when last year not a single one was left empty.

The media carried reports on people who had been running their own businesses or held senior executive posts but had

been forced to make radical changes in their lives and in their approaches, which must have been very tough for them!

Our company, too, reduced the holiday period that for years now we had been accustomed to taking.

Everybody has adapted, as we had to, for living a fiction would get us nowhere. And having acknowledged the situation or

adapted, we now have to look forward positively, to be imaginative. That is what they did in Bossost (Vall d’Aran) during

the town’s main annual festival: the streets were adorned, with a look at the crisis that was somewhere between sarcastic

and amused. Indeed, the whole thing was a great exercise in imagination and creativity!

So, welcome back to work everybody, and look on the bright side! The present is always the best time to improve the

future.
















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By Immaculada Amat

June 2011


A complicated June

June was a strange month, one full of different activities, a stressful month.

We started with the Cercle d’Economia seminars, which as usual had very interesting speakers (if we leave aside the

Madrid politicians, who always stick to the same lines of discourse), but which saw us emerging more depressed than when

we went in. After a talk by professor Josep Oliver on the difficulties of our sector, a few days later came a dinner with J.A.

Alcaraz, Executive Director of la Caixa bank, who reaffirmed the seriousness of the situation we are experiencing. Then a

few days later again came Jordi Gual, Assistant Director of la Caixa, at the ESADE Real-Estate Club dinner sponsored by

Amat. Immobiliaris, who told those assembled the point Europe had reached today.

In short, we are in a very difficult situation, and what is most worrying is that nobody can say how we will get out of it. Yet

the positive part is in the “Fòrum Impulsa” in Girona — a breath of hope and innovation, so much so that, thinking about

it later, it even seems unreal.

And from the point of view of our company too, June was a strange month, a month in which the commercial telephone

rang less than usual, even for rentals. That slack period lasted right to the Sant Joan bank holiday the week before the end

of the month. During the last week, however, the rate of rentals picked up again, and some sales were concluding, including

some following six months of negotiation. Nowadays everything drags on for ever, despite which if we manage to close

sales we are more than satisfied.

Perseverance is often rewarded. To adapt the epitaph of MAX AUB – We did what we could.









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By Immaculada Amat

May 2011


Difficult, certainly difficult, but with some good news!

The first quarter of this year has been the most difficult of all, particularly for the commercial department. We have discussed

this with other sales companies and with promoters, and all have had the same experience — few calls, not many visits

and hardly any operations.

It has been a very tough start to the year, though that comes as no surprise to us, as the general economic parameters are

frightening. Unemployment ever rising, financing at a low, everyone’s confidence in tatters. It is doubtless true, as I have

said on other occasions, that everybody is to blame for us having reached such a situation, though some are more

responsible than others and yet, surprisingly, nobody actually resigns.

The movement that arose around Barcelona’s Plaça Catalunya is thus nothing strange. How many young people see

nothing to look forward to? How many unemployed people over fifty cannot find work? How many want to set up businesses,

but cannot find financing. And from what Alfredo Saez, Vice-Chairman and Managing Director of the Santander bank, said

a few days ago, there will be no financing for some time yet. So how will we get out of this situation? The truth is that we

have no idea.

Having said that, in the midst of such a depressing setting there is one piece of good news. Some clients who export are

having a better time, some promotion work is getting under way, and the month of May was a little better for us too, with

the occasional overseas fund coming back to invest (they had all vanished some time ago), and with Barcelona F.C. (and

its values) emerging triumphant! We too will win in the end if between us all we can create confidence.

Professor ORIOL AMAT said it in a recent talk, and PEP GUARDIOLA says the same: Confidence brings results, and

results bring confidence.
















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By Immaculada Amat

April 2011


We don’t learn!

We don’t even learn with the “crisis”! I thought that such a tough situation as the one we are experienc ing would serve for

we as companies to learn lots of things, to make changes, to enhance the service we are prepared to provide. However, I

am finding that this is not happening. In many cases, and particularly in our subsector of real-estate intermediation, things

are not turning out like that.

So what are we finding?

Valuations way beyond the market by many companies, and especially by franchises, whether they be of high standing

or rather more down-market. As there is little product on the market and everybody needs it, the easiest system for

achieving it is not on the basis of the service the intermediate company can provide but simply by inflating the starting

prices of buildings. Nowadays that way of proceeding goes against the clients, although they don’t see it that way from

the outset, for it is only human to want to believe what is most beneficial to us, even if it is not true.

Many properties are being offered through real-estate portals without stating the price. Such a practices runs completely

counter to the spirit of the Right to Housing Act, one of whose main provisions is that “any information, advertising ...

has to adhere to the principles of truthfulness and objectivity and cannot contain information that creates or might create

confusion”. Not only does it run counter to the Act, but it is enormously damaging to market transparency.

We see renewed announcement of intermediation practices that we all know to lie beyond the bounds of legality. The

message that the idea is to help sellers conceals the obtaining of profits that do not correspond to an honourable

exercise of the profession.

These are only three examples of an issue that could be the subject-matter to fill reams of paper. And it is one that deeply

saddens us, for not even today are we capable of converting this profession into what it really is: a professional service

based on values, in which all parties should end up beneficiaries.

We are helped to be positive and to hold our line by a belief that MAHATMA GANDHI was right: Our reward is in the

effort, not outcome. A total effort is full victory.









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By Immaculada Amat

March 2011


A controversial reflection

Our company, Amat. Immobiliaris, has for nearly 60 years been characterised by deliberately exercising positive

discrimination in favour of women. Indeed we had not hired any man until 2008. This was a choice with its roots in history,

resulting from the problems our mother encountered in 1952 when she decided to take the reins of the business in an

almost exclusively masculine world. That was the starting point that explains our stance on a subject as sensitive as the

employment protection of women.

Over the course of our company’s history we have hired 246 women down to 2008; more than 32 children have been born,

and we put in place conciliation policies when nobody even discussed such matters. Accordingly, back in the 1980s we

adapted our working calendar to the school calendar; and then in the 1990s we started home working via computer and did

so without ever having any problems. We managed to adapt ourselves (company and workers). We sought the best option

in each case, and it always worked out for us. We have been a “feminist” company, have made a policy of it, though without

this preventing us from being critical regarding many things. Many years ago, we dismissed a woman who was not fulfilling

professional expectations, despite our knowing that we would lose the case at the Employment Tribunal. She was pregnant,

but in spite of everything our reasoning was clear: a woman is either up to the job or she is not, whether or not she is

pregnant. We knew that only a company such as ours could adopt such a stance, and obviously we lost.

And still today we do not agree with the equality policies in force. So much protectionism can lead to the opposite effect:

that women of a certain age are simply not employed for fear of them becoming pregnant, and all the more so nowadays

with the crisis we have and with so many men unemployed!

We currently have three pregnant women on our staff, but that is not the problem: we have nine months to get organised,

and that is precisely what we will do! The problem is keeping the job secure when the time comes and a reduction of working

day is requested. What can be done if, once secured, the person turns out not to be a good professional? What do we do

if this harms the rest of the team? Does that help competitiveness? Notice here that we make no mention of gender, as

under current legislation a person of either sex can request such leave. But reality is obstinate and very different: according

to the latest statistics, of all those who seek a reduction 95% are women and only 5% are men.

From our deeply egalitarian stance, we feel that work needs to be done to make the cultural change necessary so that the

couples of the future are always jointly responsible and can keep their jobs during periods of parental leave, though never

under the pressure of a secured contract but rather due to their value and their professionalism. If we do not change — and

change soon — the future for working women aged between 25 and 40 years will become increasingly difficult, and that

deeply saddens us. We know just how responsible, flexible and hardworking most women are!

Life is what happens to you while you’re busy making other plans – JOHN LENNON
















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By Immaculada Amat

February 2011


Who will resist?

That is the million-dollar question. Through business we have relations with a great many people. Small, medium and large

companies which have with their hard work managed to come through 2007, 2008, 2009, 2010. But will we all withstand

2011?

Business people — some out of conviction, others out of obligation — have done their homework. Everyone has reined in

costs, everybody has slimmed down one way or another, but if there is no financing many of them will not be able to move

forward. Having reached this point, many wonder whether it might have been best to close down back in 2007, as from

2007 down to today they have felt abandoned by the banks, the Government and their clients. Had it really been worth the

struggle?

For all companies, financing is the big problem they face nowadays. The owner of a large industrial company was telling

me recently that they had many orders, but that he had to purchase the raw materials in cash, and had to convert them and

sell. That entire process took a few months, and how could he manage that without financing or when his financing had

been reduced to one-third the level of previous years?

The Government is making an effort in this respect. It seems that exports are rising and that tourism, due to circumstances

of which we are all aware, will increase also, and all this will be good for the economy. But for now, the everyday task faced

by companies is very tough. For Amat., from the viewpoint of the commercial department, January and February were two

difficult months: clients felt insecure, every day was struggle, deploying all available resources, and particularly imagination,

perseverance and flexibility.

As EINSTEIN said: In times of crisis, only imagination is more important than knowledge.









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By Immaculada Amat

January 2011


New year, new government, new office

We have started a new year with renewed spirits, despite it being a year that brings plenty of contradictions and unknown

factors, a year that everybody has predicted to be a very bad one. While it is true that objectively all the indicators do point

that way, we are nevertheless commencing with hopes afresh.

We have a new Government of Catalonia, a new Government that will not have an easy time at all, but that is prepared to

take the measures essential to carry our country forward; above all, we have a Government that listens. And we can testify

to the fact that it listens, for that was the stance taken by the current Secretary to the Presidency, Francesc Homs, when

on December 14th last he attended the dinner of the real-estate sector organised by Amat. And we would like to repeat our

thanks now, for it speaks very favourably of the new Government that amidst all the work involved in preparing a new

Government he should nonetheless find the time to come and listen to the opinion and concerns of a group of persons

connected with the real-estate sector from various different positions.

For Amat, too, a new phase is beginning. With the opening of a new office in Barcelona we are starting out on a tough path,

but are doing so with high hopes, the hopes we are lent by all the clients who are encouraging us to carry on. We would be

quite content in 2011 if our company can achieve results similar to those of 2010, when we once again attained the

objectives we had set ourselves — not having to shed any jobs and maintaining our investment in marketing, naturally with

our staff of 54 people all working shoulder to shoulder, and working very hard indeed.

Speaking about the times before the “crisis”, JOSEP PIQUE told the Cercle d’Economia that we had forgotten that speed

runs counter to prudence. We would add that prudence must not be confused with cowardice, for this year will be

one for the bold!
















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By Immaculada Amat

November 2010


Action time

We find ourselves already in the midst of an election campaign, and all the political parties confront each other by presenting

their programs. However, how do they prepare their programs? Do they just ask a few experts to draft a project for them,

or do they listen to the citizens?

The reflection above stems from a recent experience of mine. Given that the elections were just round the corner, I decided

to use a series of social and political events and turn them into a framework for action. The title of such gatherings is “Dining

with the real estate industry”, with the involvement of many developers, investors and consultants in the field. I deemed it

appropriate to debate about what should be changed in the real estate industry in order to achieve on the one hand certain

reactivation and, on the other hand, some adaptation to the new economic environment. As a result of this debate, a list of

proposals was drafted, which was then made available to those political parties which hold a larger representation in

Catalonia.

All proposals were highly specific, relating to issues as diverse and necessary as regulatory simplification –excessive

regulatory pressure in the past few years has led to juridical uncertainty, suffered both by the citizenship and the Authorities

themselves–, the role played by state-owned companies in the field of housing, etc., among many more (up to 20 different

items).

Some days have elapsed by now since the list was delivered to our political leaders, and so far only two of them, CiU

(federated Catalan nationalist party) and the Catalan Popular party (PPC) have expressed their interest in meeting together,

so that they can jointly discuss the document. The Catalan Socialist Party sent a letter expressing their gratitude, and we

are still awaiting more reactions coming from other political forces.

Needless to say, we applaud those who listened, but now we ask them to take action. It’s not a matter of listening anymore,

but doing. We urge them to take the necessary measures, even though they might be tough ones. We are all witnessing

difficult times and we must adapt to them, so we ask our politicians to look into the long run, to be brave and courageous

and, above all, to not be afraid to explain those necessary measures, always by telling the truth and being absolutely clear.

As our Catalan President Mr. MONTILLA said recently, not everything has been left undone, yet not everything is

possible.









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By Immaculada Amat

October 2010


Present and future changes

Things have been changing for quite a while now. Sometimes changes are small and incremental; sometimes they are

quicker and sudden.

In the real estate industry after the sudden turmoil occurred in 2008 new positive changes are emerging, and we hope for

these to consolidate and last long, including:

Prices, both for sale and rental purposes, are now stable.

Both the demand and the number of operations have slightly increased.

Fewer operations have been lost due to funding.

Interest has started to boost among investors and several operations have already been carried out.

Our society has also witnessed significant changes. People are now willing to become involved in public life, and thus help

transform the country; it seems everybody is now fully aware about something we had already stated a long time ago: the

average citizens shall have to lead initiatives in order to transform and adapt our civil and public institutions. Along these

lines, we could stress the role played by the Cultural Circle within the Economy Circle, as well as the candidacy “Foment

Futur” which run for the elections at the Catalan Employers’ Association. Underlying these initiatives, there are people

closely linked to our town, Sant Just Desvern, such as Mr. Ferran Mascarell and entrepreneur Mr. Joaquim Buixareu, who

have a vision about the future and share the willingness for our society to make headway, become more modern and up to

our times… We would like to encourage you all to move in such direction!

As it comes to our company Amat., some changes have occurred as well. For the first time in history, a third generation

representative has recently joined us. Moreover, as of the month of September Mr. Guifré Homedes Amat has gladly and

enthusiastically accepted a new challenge, namely the leadership of a project of ours which looks to the future: Amat.

Barcelona.

Quoting RABINDRANATH TAGORE – For a revolution to be successful, it must rediscover those forgotten values

and adapt them to present demands
















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By Immaculada Amat

September 2010


This August was full of surprises

The holidays of August are over now –as usual they have gone too fast–, but when we look back on them we realize there

were a lot of good and bad experiences and surprises every day (unfortunately this time more bad ones than good ones).

The first terrible shock was the death of my friend Teresa Cervelló that came as a blow, even though we knew her health

was not good. We had been friends for more than forty years. Teresa was a really remarkable person and a vocational

legal professional, who managed to reach the position of senior judge of the High Court of Justice of Catalonia.

More bad news and that make one think about why we don’t do things better in our country, -which would certainly take

very little and would change the prospects and, if we want to sell the country, more effort must be made. I will explain this

idea below:

If you need to go up to Sant Maurici, why do you have to do so in a taxi, why isn’t there a car park provided as there

should be at the entrance to Espot instead of an impressive dust cloud where you have to park wherever you can?

Wouldn’t this be a great improvement for its image?

Why are the shelters in the Pyrenees generally so dilapidated, whereas in other European counties they are kept in

good condition?

Why do they advertise the romantic route of Alt Urgell but when you visit the different churches there you feel so

disappointed about their condition, which are in complete neglect... What image are we conveying about cultural tourism!

Regarding current economic times, there is also something we should take into consideration:

In July we held several staff selection processes. It was astonishing to find that several people who had sent in their CVs

did not even show up at the interview, because they were on holiday until September. ... And when you go through the

towns in the Catalan Pyrenees how many homes can you find up for sale or rent!

Of course, there were also some very good experiences too, for instance being able to spend time with my family, walking

through the wonderful countryside of the Pyrenees, meeting new people, reading at leisure and above all coming across

the small town of s’Ansavell, two kilometers from La Seu towards Andorra. I recommend a fantastic restaurant there called

Hostal Vell, simple but with a certain savoir faire!

Keep your spirits up, now you’re back! We must think positive...

Attitude is the paintbrush that the mind uses to color our lives and we are the ones who choose the colors – ADAM

JACKSON.









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By Immaculada Amat

June 2010


The urban planning impact of the Millet case

A month ago all the news about the Millet case was related to the urban planning change being approved to build a hotel

next to the Palau de la Música in Barcelona. Without dealing with the specific case and due to the news published in the

media and what I have personally experienced in other urban planning actions, I would like to share some of my thoughts

with you.

Does urban planning need to be something immovable? I really don’t think so. On the contrary, it must be adaptable to the

requirements of new situations, new needs, but obviously with suitable guarantees for both the authorities and the owners

and developers.

Does urban planning need to be –not now, because it is impossible due to the crisis, but in the future – a source of financing

for the city councils? I think this has been one of the most serious mistakes made during the boom times and a system

must be determined so that this situation does not occur again the future. Never again must urban planning be one of the

main sources of financing for the local authorities.

Does urban planning need to continue being so controlled by the city councils, which determine the terms, conditions, etc.

at a pace that has nothing to do with what is actually happening in the market? Shouldn’t it be seen from a more general

standpoint instead of local? If we conducted a survey with developers, we would find out that most of them regret having

pursued planning for so many years and not having filed a claim. Is this the best solution? I think it would be best for the

authorities to conduct an in-depth analysis of the regulations and special practices related to urban planning issues, since

we can no longer continue operating as we have been over the last fifteen years.

Turning to the Palau case again, based on the little knowledge I have about this specific matter, it seems common sense

to build a hotel near the Palau (respecting of course the historic surroundings) and offices near the Autonomous

Government of Catalonia, obviously conducting all the prior studies for strict assessment and with the guarantee of an

economic rebalance. However I now consider pure demagogy the haste of all the political parties in withdrawing from the

agreements that had been previously adopted. Why so hastily, when all urban planning procedures take such a long time,

who are they trying to please?

Nowadays we citizens seem to be more sensitive, hence all the actions by politicians cause concern, the last one being the

difficulties to reach an agreement about the 10-J demonstration.

This country is so lucky that it is the people that get by and we see this every day when talking to business people that are

constantly struggling to get by, to survive and the large number of workers committed to their companies ... this is what

keeps our spirit high and gives us the strength to go on.

The holiday season will be here soon and we must take advantage of this time to relax and build up our strength to face

autumn, which will not be easy, according to the experts...

Have great holidays everyone.

Happiness consists in something to do, someone to love and something to hope for – BENJAMIN FRANKLIN.
















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By Immaculada Amat

May 2010


The government’s measures

The government has finally begun to adopt some measures. This is, in our opinion, a good move; another story is whether

they are the right ones or not. Many experts consider they are not and other measures should be adopted. Our question is

the following: should pensions be decreased, since most of them are already very low? Should civil servants’ salaries be

lowered or would it be better to reduce the size of the administration? Should salaries be lowered or should the

administration be made more efficient? Do we need to have so many positions of responsibility? (Taking into account that

many of them have become civil servants simply to guarantee their futures.)

In the past few days, I have heard that a lot of civil servants are angry because their salaries will be lower. However, they

seem to have forgotten that they were raised not long ago, whereas salaries in the private sector have been reduced, or at

least frozen, for the last two years. Furthermore, workers in private companies worry every day about whether they will lose

their jobs, because almost all companies are forced –against their will– to dismiss staff; however, civil servants must commit

a very serious offence in order to be dismissed. It is also common knowledge that their level of commitment, working hours

and demands are quite different than in the private sector, and the salaries of the administration are nowadays equivalent

or higher, with the three-year policies, bonuses, etc.

Things should set straight. Obviously, many civil servants are absolutely committed and efficient in their work, being lost in

the overall mediocrity that exists, and many civil servants would like to see things change, to work by applying different

criteria, to achieve a modern, efficient administration adapted to people’s needs and, above all, to serve the public (which

are, after all, their clients), something which at the moment does not take place, since it is the public that serves the

administration, but we are sure that what is normal and what the public wants will not be achieved by lowering salaries.

Lowering salaries and not carrying out the in-depth reform that is really required will only result in making people angry,

both the good and the bad workers.

We hope these measures are just the beginning of all the adjustments that are needed to get on the road to recovery that

right now seems quite a long way off and difficult to achieve and that is leading to the closure of so many companies... We

are always hearing about the need for companies to have an enterprising spirit and to take steps to initiate the recovery

process... What a contradiction, considering the contempt and appalling treatment that many companies must support from

the administration and financial institutions!

However, we still feel optimistic:

No one is wrong; at most, someone is uninformed – HUGH PRATHER (writer)









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By Immaculada Amat

April 2010


Is there a place for marketing companies nowadays?

This is a question that many people in the sector and the general public are often asking. Since most developers have

marketing teams, and the banks have set up their own marketing companies, what space is left?

At Amat., we are certain that now more than ever the market needs companies like ours, really professional companies,

willing to make a commitment to their clients. We believe we are necessary both for developers and for private sellers,

purchasers, owners and lessees.

Ask yourself the following questions:

Who sets the daily pace in the market?

Who knows what the purchaser or tenant really need and require?

Who can offer a range of properties with sufficient diversity so that clients can find exactly what they need?

Who can closely advise the persons concerned throughout the whole search process, and will accompany them until

the transaction has actually been completed? (We consider a “transaction has been completed” when our clients

have moved into their new home and, from the legal standpoint, when it has been checked that there are no longer

any encumbrances recorded in the Land Registry).

Who obtains an absolutely fair contract between the lessee and the owner, a key factor for a successful rental?

We believe that all the foregoing, and a great deal more, can be carried out by some of the companies that operate by

marketing properties, these, such as Amat., have a business vision that is far beyond mere product placement, those that

understand our sector, our business, as consulting services, that we want to be sustainable and continue in the future. Our

aim is long-term clients. This policy has led to 70% of our company’s business being obtained by recommendation. In order

to reach this point we thus needed to base our business on training, processes, consistency and a commitment and loyalty

policy. All efforts are useful... Now, more than ever, we are convinced that this is the way we can survive and carry on

during such difficult times.

Talent is something common; intelligence is not scarce but consistency is – DORIS LESSING (writer)
















Page | 67

By Immaculada Amat

February 2010


The effort to be realistic

I have sometimes mentioned before that the effort that our developers had to make to accept the real situation of the new

market prices was not easy from an economic standpoint or from an emotional point of view, but the real situation had to

be accepted.

We always say that the information obtained from statistics very often does not reflect the real situation, even more so not

in our sector. We will give you an example: our nearby market, in Sant Just, known for being solvent, with high prices and

no excess offer, in other words the ideal case. If we strictly take this into account, it must be remembered that we are

dealing with averages that the price of each property depends on the location, surface area, finishes, the community

services available, etc.

It should also be taken into account that the goals for everyone in the real estate world in these years is to ensure that the

prices announced are as close as possible to the real sales prices... between us all we can do this!

Now we are in a situation where everybody said we would be: with prices of 2004, for sales and prices of 2005 for rents.

We are convinced that this is the inflection price and that if the State is able to resolve the problem of financing then sales

will indeed recover. Obviously this is needed.

We must all put on pressure so that we can resolve this crucial problem to achieve real recovery of a sector that, once re-

dimensioned, will need to continue being boosted.

Comparativa renda mitjana lloguer

LOCALS

NAUS

PISOS

TORRES

OBRA NOVA SANT JUST DESVERN









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By Immaculada Amat

January 2010


We’ve made it!

2008...2009 ... we’ve made it! Suffering a lot, like everyone else, but we’ve done it. However, we had to use “our brains”

more than ever and to manage this we have never stopped doing what we normally do, without losing any jobs... For us,

that’s really success!

We have started off in 2010 with new energy, with optimism, we see possibilities, opportunities for our clients, for us...

We are convinced that one of the most difficult things we need right now in this economic scenario, is what we already did

last year: this means accepting the change of situation with all its consequences and this has been done by our clients, the

owners and, above all, the developers. It is hard to accept losses, it takes time to understand that prices need to go down,

depending on the areas and development, by 20%, 25% or up to 30% of the expected prices at the highest point of the

market, and this has already been done. The rental markets have also been repositioned to the prices from 2007, and here

a learning process was also needed.

What is happening is that there still continue to be differences between the official information, which refers to very low

percentage of decreases, and the real situation that we see day after day. This imbalanced data only leads to confuse the

people that are actually interested in buying...

Call us optimists and we are because we believe that at least in our sector many prices already correspond to the new

situation, we think the time has come for those that need to or are interested in buying property to do so; now they have a

great chance. We also consider that in some areas where we work the most, some developers will need to take a risk and

start new developments. This is not mere foolishness, quite the contrary. In some areas, once the properties in process

has been sold, there will not be anything left. We therefore repeat that it would be very good for some developers to take

the plunge and launch new projects, and above all that they find a bank to finance them... They will certainly sell, but now

at the prices of 2010.

Therefore, because we consider that, now our market has been repositioned, we can show you a sample of properties.

Please do not hesitate to contact us about any aspect! A sales consultant from our organization will be pleased to help you

find the property you are looking for.

We believe that the thoughts of the English historian, THOMAS CARLYLE, were quite right: Our grand business is not

to see what lies dimly at a distance, but to do what lies clearly at hand
















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By Immaculada Amat

October 2009


A busy month

We have just ended a busy, a very busy, October, especially for the property industry.

Barcelona Meeting Point has opened once again. There are nowhere near as many people attending as in previous years,

although at the weekend it was pretty busy with families looking to buy. That is the positive side. The negative side is that

banks are taking business away from and harming their own customers (the developers), who cannot compete on price

with financial institutions that are prepared to do whatever they need to do to reduce the housing stock on their books.

Some banks are acting particularly reprehensibly by offering purchasers 100% financing to buy their own properties while

turning down financing for purchases from developers. That is forcing us as estate agents to point our customers to banks

that we know do not have a large property portfolio in our area.

Also in October, forecasts about our industry’s future were published in reports, and spoken about in the Symposium at

Barcelona Meeting Point and in a conference at Esade, and the truth is they are not at all encouraging. The recovery is

being predicted to come later and later, and the consequences of the widespread economic crisis will surely prevent us

from seeing those famous “green shoots”.

And to make things even more complicated, the “Pretòria” corruption case has come to light and been much covered by

the press. We just want to repeat what we have said many times in this diary: the planning policies of recent years, local

councils’ powers, etc. need to be reviewed.

In spite of the unpropitious situation, we are continuing to sell and rent more and more, thanks to the fighting spirit and effort

of our sales team, eighteen great professionals who are devoted to and passionate about their work, who never lose heart

and who never give up.

They have taken on board what TERENCI MOIX said: Fortune favors the brave

Thank you all!!!









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By Immaculada Amat

September 2009


What are we talking about?

What are we talking about when we constantly feel we are having to live through times of austerity? That is what I was

wondering during the holidays when, as I drove through any village or town in Catalonia, I came across a whole load of

huge signs. Does putting up so many signs contribute any added value to the public or the economy?

All companies, and certainly households, have been forced to tighten their belts, look at their outgoings line by line and cut

any expense that is not strictly necessary. Does the government do that too? Is it not our business too? Do we not pay for

it? I do not have the remotest idea of the cost of those omnipresent signs, but I get the – albeit personal – impression that

even at times like these it is the need to sell everything politically that takes priority.

What do we mean when we talk about values? For months now in all kinds of debates people have been talking about the

need to bring back values such as honesty, transparency and solidarity... But is that really happening? To be honest, it is

not what we are seeing day after day.

So what are we seeing? While everyone is still shocked by the abuses in the financial world, people are talking again about

the astronomical pay of some executives in that industry. It must be a really important issue if even some governments are

complaining about it!

We are also seeing that some financial institutions have abused and tricked their customers by forcing them – just so they

can take out or renew loans – to buy financial products designed to be extraordinarily profitable for those institutions, which

may now ruin a lot of companies … and apparently there is no problem with that!

We are seeing that many developers who have applied for VAT rebates, because they expect it to take time to sell their

properties, are faced with a load of inspections and postponements as if they were asking for something they were not

entitled to. The authorities should realize that those rebates could save companies and many of their suppliers too.

Holidays, having a chance to relax, get you thinking about and questioning things. When you get back to work you get all

caught up in your day-to-day activity and need to use all five senses to make progress, take a lot of decisions, help your

customers who are under all kinds of pressure, and support your staff when they are discouraged... the market really is

tough!

In spite of it all, we are optimistic. Our people are eager and ready to tackle whatever comes our way... We cannot complain:

we are selling and renting! And we are selling and renting because prices have shifted; because developers have made

(and are making) great efforts to adjust to the market (and many of them are making very considerable losses); because

we are seeking out a thousand different financing options; and because nowadays almost everyone realizes we are in a

new scenario!

Chin up! Let’s keep educating people and fighting through!

As GIBRAN wrote: In every winter's heart there is a quivering spring, and behind the veil of each night there is a

smiling daw.
















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By Immaculada Amat

June 2009


A ray of hope

As we said last month, we have been spending time going to a whole load of conferences and reading a lot of books – not

just so we know where we are at, but also to find out where we are headed. As always happens, there are different views,

some doom-mongering, quite frankly, which I do not think have much credibility. We cannot be taking as many steps

backwards as some “wise men” are forecasting! Over the last thirty years, Spain has made great economic and social

progress and I do not think we are now going to go into reverse like some people are predicting. But there will be a

repositioning in any case. There are other much more positive views, and if they were publicized the market would perk

up – or at least that is what we think.

As part of the programme of events we hold from time to time for customers, friends and staff, in the first week of July Amat

held a “Conference on the opportunities the crisis offers” (a really positive title). The speaker was Oriol Amat, a fine

economics professor, who is also easy to listen to and understand. As for the “sixty-four-thousand-dollar question” of when

we will get out of this situation, he dared to predict that we will see an improvement next spring.

However, he made very clear that we all need to work to overcome this crisis, which must be solved in two ways: on the

one hand, institutionally and supranationally, and on the other hand, through what we do in our day-to-day lives.

This is where we can have an influence. If we wish we can help overcome the crisis more quickly – for example by

consuming a little more. But he also said that we can make it last for twenty years if we want to – if we do not consume

anything. He has made clear that it is everyone’s responsibility to make consumption, the engine that drives the economy,

run... But that means responsible consumption, spending within our means, not the wild consumption of recent years.

Another positive piece of news is the necessary fall in tax adjustment coefficients for the second half of 2009. It is the first

time these coefficients have fallen since they started to be published. But it was only logical. It was also the first time they

had been revised after six months, since they were designed to adjust the tax price to the real price at times of fast-rising

prices. In this case at least the authorities have listened – have listened to us – and have reacted. We can give ourselves

a pat on the back for that.

Moreover, the agreement reached – at least on paper – for the public authorities to pay their suppliers within sixty days will

also help many small and medium-sized businesses that work for the authorities and will help us all indirectly.

A whole load of measures like these should be applied. We have always argued that the sum of a lot of steps, albeit small

ones, could be good for the economy and especially for small and medium-sized companies.

The summer holidays are coming and we need to recharge our batteries so that we can start September – which will not

be an easy month – with our spirits high. We need to be full of energy, ideas and, especially, patience, to tackle the long

last stretch of the crisis, or at least that is what we hope it will be.

By way of encouragement we will sign off with a hopeful quote from the Lebanese poet KHALIL GIBRAN - No matter how

long the storm lasts, the sun always shines through the clouds again









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By Immaculada Amat

May 2009


Enough is enough!

Things being as they are we need as much information as we can get and all the ideas available, so lately we have been going to all the conferences, congresses and talks we can. The last ones we went to were workshops held by Cercle d’Economia in Sitges, which were really good.

They naturally all start with the same thing: the reasons why we have ended up in the current economic situation. In almost all of them, the speakers, especially politicians, in particular the most senior ones, talk about “bricks and mortar”, while the media always talk in that same totally disparaging tone… Enough is enough! It is exhausting and annoying, because they are using that phrase to talk about an industry that has been key to the country’s development. They do not talk about any other industry in that tone. They are confusing developers with the financial business that has been part of this industry in recent years; it is a matter of discrediting them.

Our company, Amat, has never been a developer, but has worked with a lot of them. We are aware that many things have no doubt been done wrong, but the worst thing was surely not having managed to sell ourselves as a group. As a developer who is a friend of ours said: “How come an industry that makes so much money, that has created so many jobs, that provided much-needed funds for most councils, has never been respected?”

Four figures to serve as a reminder:

▪ The construction industry’s contribution to GDP. According to sources and opinions, based on 2008 data, it created 17.9% of GDP and 13% of jobs. Plus, if you strip out indirect taxes and include the service industry connected to the property market (us!) some analysts give the industry a weighing of 39.4% of GDP.

▪ According to the prime minister, the motor industry accounts for 8.4% of GDP and 7% of employment (jobs). It also accounts for almost 26% of the country’s exports.

So far the motor industry has received the vast majority of state aid. I say “so far”, because you cannot rule out the financial industry ending up with the lion’s share. According to PricewaterhouseCoopers, the banks will need 2% to 5% of GDP to recapitalize...

And that is all without taking into account who has paid for the leisure centers, libraries, squares, parks and swimming pools...

Trying to blame the crisis only on developers seems like an oversimplification to me and an extraordinarily bad idea. Isn’t the financial industry just as guilty, if not more so? And the public authorities too? Certainly everyone involved in the process in one way or another is.

The Cercle d’Economia workshops in Sitges concluded with a call to strengthen Europe, improve our competitiveness, introduce greater austerity into our lifestyles, companies and the public sector and, in particular, to look at what we should do to solve the two main current problems:

- Lack of credit for small and medium-sized businesses, which have a good credit history and are now being forced to close due to lack of liquidity.

- Managing to stop the rise in unemployment.

The government has taken a set of steps – always with an eye on their electoral value rather than how effective they are likely to be. We believe that lots of small steps would be more effective, though probably less visible politically. But they should surely target the public directly. We also think that each company should look at what they can do to help improve the situation. It may be a drop in a bucket, but if we all do our part we will make it. That is why we are making an effort to keep our employee headcount the same.

EPICURUS was right when he said: Desire less than you have and you will always have more than you desire
















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Bu Immaculada Amat April 2009


So April is over now. It was not a good month for the Sales Department, since hardly any sales went through: we have gone

from five to three a month. But it is hardly surprising; we had Easter and, statistically speaking, in business terms, it is not

just that Easter is ‘lost’ time, but things are very quiet before and after too.

The rental market is holding up at the moment, although prices have had to be adjusted. That is normal too, as we are

going back to 2007 prices – what happened in 2008 was false, like so many things in recent years.

We are all aware that unemployment is hurting a lot of families and that there are people who are having a really tough time

of it and that a large proportion of people in employment are scared. But in spite of it all there has been a series of positives:

Some notable members of Catalan civil society, who can hardly be described as right-wing, have published articles

that have been strongly critical – and we think rightly so – of matters as varied as public sector privileges, the future of

labour relations, and the opportunities offered by the cost of certain services we receive, etc.

It is positive that we appreciate and are thinking about the welfare state that we have all so quickly got used to, and

the range of social services we enjoy, which we often do not appreciate and more frequently squander. Is a country

like ours sustainable?

It is positive that we are starting to hear more straight-talking rather than double meanings and are being demanding

of politicians and ourselves.

It is positive that society is starting to recognise a set of individual, social and business values that seemed to have

gone out of fashion.

It is positive that we are still able to create new networks of relationships, leaving aside individualism and competition,

and are working together for everyone’s benefit.

It is positive that there are companies that are doing well and telling us about it. This last month a graphic design

company and a dental prosthesis manufacturer have reported improved sales and profits. The same happened in the

professions among law firms and court liaisons.

It is positive that the number of sales visits is holding up month on month, although it is still tough to close deals due to

financing problems.

Now that we have all realised that we are nowhere near as rich as we thought we were, we need to learn to live within our

new means and we especially need to create together the necessary confidence so we can make progress.

R.W. EMERSON - A change of attitude is like changing the rest of your life









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By Immaculada Amat

March 2009


Today the Bank of Spain has put the “Caja de Castilla la Mancha” savings bank in administration. Is that good or bad news?

It all depends on how you read it. It definitely is bad due to the uncertainty that such a decision spreads among the general

public, but it is good because it shows that are starting to recognize the situation we are in – or did anyone think that Spain

was doing better than any other European country?

Almost all the situations we are witnessing at the moment, including the savings bank being placed in administration, can

be looked at negatively or positively. Was it a good or bad thing that Amat. sold six homes in February? If you look at the

figures for 2005-2006 or even 2007 then it is awful, but if you look at the current situation, it is definitely good, very good.

That is the way we see it, so we decided to release it through the media. We are really tired of the first question that

everyone asks, before even saying good morning, being: “Not selling anything?” often ironically. Well it is true that we are

not selling much, but we are selling. Second question: “How many people have you sacked?”. The questioner tends to be

perplexed by the answer. “At the moment we have the same number of staff and we will definitely be taking on more.” Third

question, “Why?” “Because since everything is much tougher now, if you want to provide a good service you have to make

much more of an effort, and you have to take a lot more time over it.” When you think about it a bit you realize that you have

to spend a lot more time chasing up bad debts, a lot longer “grooming” developers, much more time and a lot more work to

make sales, plus more time “thinking up and applying new marketing tools”. You also need to carry out more training to lift

the spirits of all your staff... No doubt we are going against the flow, but if we want to stay in business, if we as a company

want to want to come out of the other side of this situation stronger, then we have to put enough effort, imagination and

resources into it.

The situation will obviously stay very poor, especially in terms of unemployment and business closures, but the worst thing

about unemployment this time round, unlike what we saw during other crises, is that it affects a far broader swathe of

society. As we have replaced staff we have received an avalanche of CVs, especially from highly-qualified people. That

has been really surprising; people who are willing to lower their financial expectations for the sake of a job. It is an exercise

in realism, just like many, or even most, managers have had to do by adapting their salaries to the economic climate. I know

a lot of people like that and hope they serve as an example to many other industries.

One last positive thought is that, while the overall situation may be bad, there are still many companies that are doing well,

and certainly some doing better. These should be the driving force behind the recovery, not all companies are in “crisis”

and this is their time... please recommend us a few!!! Our industry is a good investment nowadays.

And finally: you can only make progress if you set your gaze far ahead – ORTEGA & GASSET.

That is what we try to do at Amat.
















Page | 75

By Immaculada Amat

February 2009


Have an optimistic attitude and work, work, work, were the messages we heard loudest and clearest at the CRS Congress,

which we attended in San Francisco in February.

Around 1,000 American estate agents attended the congress and we were offered the chance to go as guests. We wanted

to go to learn, open up our horizons and not stay closed off in our own little world, and it really was very engaging. We came

away with a whole load of ideas about business, and especially about our clients. We now need to get to work and adapt

what we have learned to our market and culture. It is all new and promises to be profitable for our clients. We are already

working on it.

The American property market is like our own, but perhaps a couple of steps ahead. The downturn in the market started

earlier, but nevertheless we did not feel the same sense of depression there as among real estate companies here.

Everyone realizes that it is a period we have to go through and that we need to find the tools, especially the emotional tools,

to enable us not to lose a positive spirit. More than ever we need to be there for our clients, more than ever we need to

collaborate, society needs to be a lot more supportive and everyone needs to make an effort. In short, we have come back

full of energy.

We have come back here, back to our situation, where we currently get the impression that it is “every man for himself”,

which is not the right way to go about it.

How can the authorities still be postponing VAT rebates to companies when they know that companies could close for lack

of that money? How come there are financial institutions that are demanding commission from notaries for passing work

their way? How come councils are dredging up old cases to try to get money for offences that have already expired? Why

are some tax offices not accepting the real prices at which the few deals carried out are being performed, but instead charge

tax at the cadastral value times the adjustment for each town, when those values are far higher than the real price? Why is

there a financial institution that has deeds signed outside of Catalonia to save almost nothing? How come some financial

institutions are not giving mortgages to potential buyers, unless they are buying a flat that the bank owns?

I think we all need to reflect and make our own little contribution so as not to lose sight of the bigger picture, so we do not

end up in situations that place even greater pressure on the public. There was a very interesting article about this by Manuel

Castells in La Vanguardia on 21 February.

I would like to finish with some positive news:

It is a positive thing that Sant Cugat Council has agreed to pay its suppliers within 30 days.

Expansión has published a positive article on the economic vitality of Brazil.

It is a positive thing that our company has sold more this January than in January 2008.

Some food for thought: the most essential qualities of the human spirit include self-confidence and inspiring

confidence in others – GANDHI









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By Immaculada Amat

January 2009


We are starting a new year that everyone says will be tough and I am sure it will be. Everyone, businesspeople, workers

and, I dare say, the authorities too are racked with uncertainty and dread … maybe that is why lots of people wished us a

good 2010 during the holidays? Or maybe it is just so they do not have to think about it. 2010 will surely be better than

2009, but we have no choice but to get through this year, month by month, day by day, there is no getting around it. It is

better for us to be realistic and eagerly tackle 2009 as the great challenge it will surely be.

We have started the year with some surprising news. According to a study published by the Spanish Statistics Institute,

which the newspapers reported on the 31st, housing prices fell 3% last year. What country was that in? Because the truth

is our real data bear no relation to those figures. Our data based on deals actually carried out by Amat. for the new-builds

we sell show average falls of 20 to 25% from the price peak at the end of 2006 – beginning of 2007. The reality is that the

deals we are doing are a far cry from the figures we saw in previous years, but we are pleased because we have made

sales every month and in today’s market situation that is quite a success.

Another matter I would like to stress is that the market is becoming a bit more logical, taking on board a degree of common

sense. Prices are now starting to be related to location and quality again. It was not normal for the price per square meter

for new-builds to be the same in so many different places … We are pleased because it shows that the market is returning

to normal to some extent and that is always positive.

Good luck with tackling the challenges we all face and the often tough decisions that will have to be taken.

Start by doing what is necessary; then do what is possible; and suddenly you are doing the impossible – FRANCIS

OF ASSISI
















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By Immaculada Amat

November 2008


As we said in the last diary article, everything changes and one of the changes I have most noticed is in staff recruitment,

since until very recently it was almost impossible to find the people we needed for our business, and now we are receiving

an avalanche of CVs.

Unemployment is obviously rising without any end in sight, even more so in our industry, and that is a great concern. For

years in the property industry, salespeople especially, in particular those who worked for estate agents, mostly did not have

employment contracts, but rather commercial contracts. It would have seemed like the best thing for the company and the

salesperson. But what about those sales people nowadays? Where can they get an income from? Those of us who have

always argued that employment contracts should be compulsory wondered then and still wonder now how the authorities

can control such irregular situations.

Given the situation that most property companies are in nowadays, as well as many small and medium-sized enterprises

in any other industry, the authorities should be brave and amend current employment law. A lot of companies are now faced

with the need to slim down their structures, and many need to change some of their staff in order to survive, but at what

cost? Can they afford to? Or since there are no good solutions will they consider redundancy or insolvency proceedings?

It is not enough for the authorities to concern themselves only with sorting out employment disputes in large companies.

Most businesses in CATALONIA are small or medium-sized. And it is no good simplifying and generalizing like they do in

many public debates, where they give the impression that all employers want to achieve is job cuts. It is a matter of saving

companies and so saving jobs. People need to ask themselves whether there could be any companies, especially in the

service industry, without staff.

I would like to finish off by praising this country’s good sense. Three weeks ago we woke to a string of bad news stories

about the financial industry, worse every day. We were given the impression that one day we would wake up to crowds of

people queuing up outside the banks (a “rush” on the banks). Nevertheless, common sense won out and once again we

have seen the extent of the public’s maturity and good sense. Politicians should take note.

Fate shuffles the cards and we play – SCHOPENHAUER









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By Immaculada Amat

October 2008


What a lot has happened in a month! From stock exchange crashes, bank failures and lots of companies entering into

creditors’ arrangements to the downsizing of SEAT. So many people have been affected!

The crisis is having consequences in every area. It is affecting confidence, the security we all thought we had, and obviously

it is changing our mood. We are all a bit more on edge and more intolerant.

We can see this in many ways in our day-to-day work:

■ In companies, especially property developers, in which shareholders who have had unbeatable relations for many

years are suddenly blaming one another for everything: the land they recommended buying, the bank that was a

friend of the other, having or not having put the development up for sale at a particular time, etc. The accusations

are flying.

■ In companies unrelated to the property business, the mood has also turned darker. It is very sad to have a going

concern, be doing well, and then find you have problems carrying on because financing has dried up.

■ In sales teams, especially those whose pay consists of a very high variable component, in which people are fighting

over “the only” customer.

■ In owners’ associations in which there are homeowners who cannot pay their share of the expenses.

It is only natural for everyone to be more worried and more sensitive, but we should make a collective effort to understand

and accept that we are where we are at. We need to learn to live with uncertainty and be positive. There is no point going

around moaning about it. The sooner we accept that we are at the beginning of a great economic change, the better. All

change is frightening.

So, moving on, I have finished the “Diary of a Crisis” and am starting “A Diary of Change”.

I will begin with a thought from ANDRÉ GUIDE – You can't discover a new land without being willing to lose sight of

the shore for a long time
















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By Immaculada Amat

September 2008

Diary of a crisis III

The “crisis” compared with trekking in Huayhuash (Peru)

We went trekking through the Huayhuash mountain range last August and we considered the similarity the experience had

with the situation companies are currently undergoing.

We knew where we were going, they had explained it to us, we knew we would be walking for 12 days and that we would

be faced with steep descents, that we would be at a height of between 4,500 and 5,000 meters and that we would sleep in

a tent, etc. In the same way as we all knew the economic “boom" would not last forever. In spite of this, the situation does

astonish you, it is all too much and you are faced with elements that are quite beyond your control.

We knew that Huayhuash meant tough trekking, we were prepared, but we didn’t expect that we would waste two days

because of problems with planes and that this would mean we would have to complete two of the stages without a break,

nor that it would be so very cold, much colder than usual in the region.

The same has happened with the “crisis”. We knew about the change in the real estate cycle, but we did not imagine there

would actually be a financial crisis or an international economic crisis.

In spite of the unexpected events, it is obvious that to survive we must have a clear target, we must have strength to survive

day after day, not to feel despondent and we must always remember we have survived today and we will have gained the

strength to make tomorrow better and, above all, be helped by the support of our friends (in the case of trekking) and, for

the company, with the support of our collaborators, companies with which we have formed solid relationships over the

years, and our advisors. Information exchange, business exchange, will help us all to keep going in the future.

The holidays are over and we are back to our humdrum everyday lives, but with renewed strength and new ideas. The

existing situation does not help very much but we must renew and reinvent ourselves. Most companies will have to do this.

Should we be afraid?

HG WELLS once said: Why should we fear change? Life itself is in constant change









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By Immaculada Amat

August 2008

Diary of a crisis II

The government has finally admitted that the Spanish economy is actually in a situation of “crisis”, anyone would think this

was a dirty word, whereas to actually admit there is a problem is the first step towards finding a solution to it.

And our sector, what’s exactly going on in the real estate sector? As we all know our sector has been the focal point of

attention for all the press, every day worse news is published, Martinsa–Fadesa has gone into administration this month,

the large companies are the ones mentioned in the press but there are a great deal of companies in the same situation that

nobody hears anything about, is anybody overseeing the small developers that are disappearing from the market?

How are the companies with a long time in the sector experiencing this situation, like Amat. with a background of 60 years?

What are our indicators of how the market situation is developing? What can we do?

After analyzing the first half year of 2008, only as far as sales are concerned, the real situation for us is as follows:

■ We have only had 18% of calls asking for information about sales that we had in 2005, the best year in the cycle, and

50% less than last year.

■ There have been 15% of the visits seeking information at our offices that we had in 2005 and 36% of those in 2007.

■ There have been 30% of signed transactions in 2007 and 15% of those signed in 2005.

■ Regarding new works transactions signed that cannot be carried out at the time the public deed is authorized, either

due to lack of financing or due to the client not having sold their former home, we have actually been very lucky, because

only 5% of those we had planned could not actually take place.

■ Another of the problems that worried us the most has been resolved, developments in which we have sold part of the

apartments have been completed and could be delivered, all the developments have been handed over within the

agreed term, even though the developers had to achieve “miracles” to obtain the required financing to finish the works.

■ What is actually not moving at all, and is absolutely at a standstill, is the marketing of land, an issue we are well aware

of because we have a specialized department for this. Actually this is not surprising because two problems directly

affecting this market must first be resolved: the large stock of finished homes and the problem of financing.

The lack of financing, both for developers and buyers, is certainly the most serious problem at the moment. In the good old

days, excesses were certainly committed, properties were over-valued and sufficient guaranties were not requested, but

we have gone from one extreme to another and with no certainties that anything will be created, in our opinion there is a

point for reflection here that at some time financing possibilities must be created again, perhaps this will not happen this

month nor the next but the time will certainly come and the new trust we need will be created, not only in the real estate

market but for consumers in general.

Meanwhile, we must go on working, staying close beside our developer clients, advising possible buyers, helping to calm

down the market, now when there is so little enthusiasm, and being convinced that there are opportunities in all situations

of crisis.

In this respect there is a JAPANESE POEM we consider is very fitting in this situation: While I was picking up the stones

they had thrown at me, I saw that one of them was a jewel
















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By Immaculada Amat

July 2008

Diary of a crisis I

The real estate market of yesterday and today

For several months now we have been receiving a great deal of news, data, opinions and comments about the real estate

market from people involved in the sector, experts in economic issues, politicians but, above all, from a large number of

members of discussion groups, professionals in giving “opinions”, who, with very little knowledge about the sector, are

merely based on hearsay and make them feel as if they were university professors.

Those of us who have been involved in the sector for so many years, for almost three years we have known that the “great

boom” would come to an end.

How did we know?

Because a large number of the indicators normally used to analyze market evolution made it clear to us:

■ Too many homes being built. One only needed to see the large number of cranes increasingly popping up everywhere

to realize this.

■ The exponential increase in sales prices in recent years.

■ Interest rates hikes. They have doubled in less than two years.

Other circumstances that, in spite of there being a real demand, add to the result of this demand not being met with the

existing prices and conditions in the current market.

In one way or another all the professionals guessed this slow-down would take place, but the difficult part was to know

when it would actually happen, how long it would last and how serious it would be.

In the beginning, at the end of last summer, I had the impression that everybody was quite pleased about the sudden slow-

down, and everywhere people were saying that developers had made enough money. It is always easy to generalize and

put everybody in the same basket, as though it were only the developers that had made a lot of money.

It is true that it has been a very “lucrative” sector for some of them, but they are actually a minority in the sector, since we

refer to certain large developers on a national level, at a certain time (because later on you can see what has happened).

Or else those that managed to change urban planning categorizations and that were not actually developers but simply

land speculators. The small and medium developers, the majority in Catalonia, “thanks” to the greediness of the former

have made money but based on higher credits in each new development they started.

Nobody mentions the number of benefits the process has provided to others: land owners, construction companies, all the

companies that at one time or another have been involved in the construction process of a building and that represent

thousands of jobs. Wealth was created that to a large extent has been reinvested in citizens by providing them with sports

centers, cultural centers absolutely impossible without the revenue obtained by local authorities through licenses etc.

All this happened before, but where are we now?

Most developers are in a clear risk situation due to the credit policy being applied by Spanish financial institutions (banks

and savings banks).

Some developments in process may not be finished and many developers, as land owners, some having obtained the

required licenses, will be unable to begin building due to lack of financing.

There is demand even though it is at a lower level, but since it exists along with the problems means that this cannot result

in purchase transactions. On the one hand, the financial institutions are much stricter when granting loans, both to

developers and end consumers, to whom they are refusing great deal of loans. On the other hand, apparently there may

be a sharp drop in prices, which means that everyone is waiting, including those needing a home, in case this finally

happens.









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The volume of the construction companies’ work is at minimum levels and therefore so is the work of all the industrial

companies operating in this sector.

The standstill in the real estate sector, which up to now has been the driving force behind the Spanish economy, leads to a

domino effect that will result in the possible and almost certain closure of many companies and, above all, a rise in the

number of unemployed, which will have a particular impact not only on direct labor but will also affect a large number of

executives and, above all, the developers’ intermediaries.

The real estate companies have shot up like mushrooms, providing absolutely no added value to the intermediary process

and are disappearing just as quickly.

The revenue of the City Councils has suddenly dropped, which, in spite of the huge importance I think it has, is an issue

that is not mentioned very much, which is something that really surprises me. How will they manage to keep up the quality

of the existing municipal facilities? Isn’t it time they seriously thought about another municipal financing model? Must this

be compensated by an increase in cadastral values, as we have sometimes heard? Is it a good idea to adopt this measure

in full crisis?

Actually the situation in the sector is difficult, real estate has been the first to be harmed by the crisis, unfortunately today

there are many sectors suffering, by being the first we have more experience, more vision and whatever happens we will

survive.

Most of the developers, professionals and industrialists that have been careful will indeed survive: due to having provided

reserves, seeking new areas, those able to find synergies and collaborations with other companies, those that have

protected their clients and those that have diversified.

Certainly all of them have not been the “smart ones” in the last few years, nor those that have made the most “money”, all

of these have probably been the ones that in recent years have seen and have had the impression that the world was for

the “one most on the ball”, the new ones in the sector, from the mentality of “getting things done right now”, and not the

professionals. The crisis also has a positive side; it will put things right and clean out the sector. I didn’t want to end this

article without sending you all a positive message:

Cheer up everybody, we will suffer, but don’t have any doubts at all that we will make it in the end.













Local expertise with International profil·le.

DIARY OF CHANGE by Immaculada Amat

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