We will review the evolution of the residential market in different countries. In particular, the Spanish residential market has reached record valuations despite the scarcity of new real estate products. This has shown us the vitality of the existing housing market and how the increased demand for rental supply has been a challenge for the industry itself. Being able to supply these products not only to end users but also to institutional investors. How this market will develop in the coming years and other issues will be discussed in depth in this session.