Some years ago, co-working entered the real estate market, is when independent professionals share the same workspace in order to take advantage of the synergies generated by sharing such a space. It was, without a doubt, a successful idea. As is often the case, someone thought of going one step further.
What if you incorporated the basics of co-working in your private life? Welcome to co-living, consists of renting a room with the right to use common areas. The occupant is typically a young entrepreneur or graduate student who is looking not only for a place to live or stay, but for a site that also allows them to form a community, share experiences and even participate in co-working.
We must not forget about another trend that has also stemmed from the idea of sharing and collaborating; co-housing. Refers to residential areas composed of houses with common areas that are governed by self-management and collaborative spirit among community members, to which specific services can be added. The next step of this trend was to create thematic communities. The most common of these is senior housing; co-housing for seniors with facilities and services adapted to its occupants, which may include medical services.
In the face of these trends, lawyers must innovate in order to adapt these businesses to the best legal practices. These are business models which are defined and established in other markets, but do not have a clear legal framework in Spain. It is our job to help our clients who enter this area to overcome potential difficulties. It is necessary to interpret the laws so that the investment adjusts to what the investor is looking for, offering him the maximum guarantee that, legally, his investment is safe.
Co-working, co-living and co-housing are new ideas that have come to stay and are gaining market share. There are a growing number of institutional investors, local promoters and operators interested in developing these so-called “alternative assets classes” in Spain.
But the truth is that from a legal point of view, this type of investment still offers some uncertainties. For this reason, it is important to have good legal advice, which is tailored to the individual needs of the client, before beginning to invest.
And who knows, while we are here debating the new wave of the collaborative economy, in a co-working room somewhere, someone may be developing new ideas ready to change the market. In fact, micro-living is already taking roots. Micro-living consists of very small houses, but with all the necessary equipment to live. This concept was born in the UK in response to the high price level in the residential sector, and is spreading across Europe. New trends never stop emerging.