In 2023, the group employed 2,200 people, representing, by subtraction, 1,670 in the Development division (Altareit) and approximately 500 in the rest of the group (including holding, Retail Property, and side businesses).
Despite the sharp decline in the Residential Development market since 2022, Altarea has so far avoided a major restructuring and thus preserved most of its core competencies. In this segment, we believe that management is capable of accepting sustained underprofitability in order to preserve its expertise, i.e., moderate but positive margins that allow it to reach a positive “recurring” Net Profit. For us, this is a positive social aspect.
