In this episode of Definitely Uncertain, Goldrock Partner David Ram speaks with Carlos Zucchi, Partner and CEO of Argis, about the shifting landscape of Spanish residential real estate. Their conversation examines the regional regulatory risks that investors must understand, the structural supply shortage driving pricing in Madrid, and the demographic and immigration trends reshaping demand across the country. Carlos also discusses the state of bank financing after years of tightening, the growing impact of sustainability mandates on development, and how inflation and labor constraints are influencing project feasibility. The episode offers a clear, grounded perspective on where Spain’s market stands today and where opportunities may emerge for global investors.