"REAL ESTATE IN SPAIN 15input positive force to the business by providing proper placer to the commercial market.Competition in the share market upon real estate investment opens a new window where theinvestors invest more in order to get more return. The government gets money from the investorsthat make strong economical status. The returns of real estate business are enormous and have amajor impact upon the economy. According to market statistics of 2014, 70% of the UK economy is based on realestate(Ibbotson and Siegel, 2016). Reduction from the consumer?s spending provides an upwardmotion in UK economy. On the other hand, Nourse and Roulac (2009) opined that moreparticipation of investor?s enhanced liquidity of cash that may creates an adverse effect ineconomy. 2.3 Use of Methodology in other papers of Real Estate Business Most of the research papers are based on the quantitative analysis as it is the best way toevaluate this vast topic properly. In the research journal “Journal of the European EconomicAssociation” which is written by Alvaredo and Saez (2009), the researcher has used quantitativedata analysis. The researcher has used the survey strategy in order to collect adequate data thatare helpful to conduct this research. The researcher has chosen Positivism philosophy tohighlight this research from a Meta theoretical stands point. Another research “Journal of urbanEconomics” which was written by Abadie and Dermisi (2008), the researcher has useddescriptive research design. By using descriptive research design, the researcher has enabled toexplore various theories upon real estate investment. REAL ESTATE IN SPAIN 162.4 Future Possibility for Real Estate Business: Role of Technology in Real EstateAs per the opinion of Laska and Spain (2013), it can be stated that individualizedmarketing plays a crucial role in the real estate listings. It is a modern concept, which tends totarget for the delivery of information on houses on the local or global market and therebymonitor the buying influence of the customers. The system targets in developing a infrastructurewhich focuses on the bank balances of random people and tap their credit score. It helps them tomonitoring the buying capacity of the projects. This is considered to be one of the prospect ofdynamic marketing which is been implemented by several countries in Europe such as England,Germany and Spain. This also helps in evaluating the future possibility of real estate business insuch territories. The factor of extraordinary innovation do plays a significant role in the contemporaryworld and would have an effective impact in the future. It can be stated that the advent oftechnology involved with the real estate business has a growth at an unprecedented pace. Asstated by Akin et al., (2014), it can be noted that there would be drastic change in the real estatebusiness of European nations within 20 years based on the development of technology and thusthe concept of „smart cities? would become a trend within the years. The implementation oftechnology would definitely help the builders to reduce the costing and thereby would be amutual benefit for both the sellers and buyers. Pavlidis (2013), who clearly stated that thedevelopment of development of business models and the advent of technologies together wouldhelp the industry to gain a rapid growth in Spain and England, further elaborated the concept.The researcher further focused at five distinct parameters, which would be augmented by the realestate developers in Europe in order to develop sustainable and cost effective projects. These areas follows: REAL ESTATE IN SPAIN 17a) Mobile: The customers would be provided the access of information regarding real estatedemands at an exclusive rate. The factor of time, price and the change of expectationwould be monitored on a real time basis.b) Cloud Computing: This is a most effective approach which is been used by the real estatedevelopers nowadays, especially in the premises of Europe and USA. Based on SaaSplatform, the developers get to attain information about all the perspectives? of real estatewithout any third party interference. This technology has really reduced the costing of thebusiness (such as survey and customer demand) and thus would help this industry to gaina rapid fortune in the futurec) Electronic Servants: This system mainly projects on the collaboration between ArtificialIntelligence and Internet of Things (IoT) and thereby helps the real estate developers tocollecting information to another level of big data and analytics.However, there lies a gap in the study. The researchers effectively projected for theinfluence of technology in real estate, but did not highlight to the negative attributes related to it.The researchers had only focused on the benefits related to it and did not focus on the factors ofdata redundancy and hacking. As stated previously, the entire system would be digitalized; hencehacking of data would lead to huge massacre for the entire system (Anderson, 2013). The factorof cyber crime would also be predominantly active, as the system would peek through the bankbalance of clients in order to monitor their buying power. Thus, researches should becommenced before the implementation of digitalization in order to foster future of Real Estatewithin the territories of Europe. REAL ESTATE IN SPAIN 182.5 Challenges faced by the Real Estate Trade Business to enhance possibility in theSpanish MarketThe real estate trade business are subjected to numerous challenges from extrinsic sources. Someof these are as follows:a) An Aging Population: It can be stated that the baby boomers tend to approach towardstheir retirement years, then there sustains an effect in the housing markets. It is often seenthat it tends to increase the demand for multifamily senior housing in the Europeanterritories, especially in Spain. The fluctuation in the commercial real estate projects fromthe retail units to the health care centers tends to meet the needs of the large demography.One can state that the ageing of Europeans potentially do have an impact on the capital,as pensioners move out from being contributors to net users of capital (Shiller, 2015).b) Student Debt Burdens: As per the current scenario of Spain, it can be claimed that thecollege students are graduating with a total debt of $25,000 and thus, their spending isrestricted to a significant level. Hence, the buying power of the population is limited to acertain level, as the potential buyers mainly tend to focus for clearing their debts.c) Public Funding: It can be stated that underfunding of a local and state system do createsan effective challenge for the real estate business (McAllisterandLizieri, 2014). It can beassumed that the basic investment for the development of infrastructure is at a scare inSpain and thus, the local along with the state government should collaborate focus for thedevelopment of this prospect at a much more extensive rate (Vasirani, M. and Ossowski,2013).d) Changing Demand for Office Space: It is assumed that most of the employees workingfor a firm are segregated from the mainstream and thereby the need for building an office REAL ESTATE IN SPAIN 19space is consequently low. Companies such as Cisco CSCO, +1.11% have beensubjected to a growth from 200 square feet per employee to 50 to 60 square feet peremployee. This has become a serious concern for the real estate developers as thecompany now fails to project for exclusive office areas. Moreover, it is also observed thatwhenever a tenant signs a lease for more than 10 to 15 years, then they opt to reduce thenet space for 30% to 40%. Hence, it adds to the challenge for the real estate developers inthe European states, especially in England and Spain.2.6 Possible Solutions that could be invented in order to ensure Possibility of this BusinessIn the entire world, including the rich European countries, the real estate boom has recentlygot slowed down. The reasons are economic slowdown and decreasing purchasing power of theindividuals. However, the positive aspect of the European or Spanish real estate business lies inthe increasing number of population throughout the country, comprising of domestic andinternational residents. The options available for enhancing the slowed condition of the Spanishreal estate business are discussed in brief:? Reduction in marketing costs- The marketing costs can be controlled to retrieve higherlevel of profit. Reduction in marketing can preserve higher amount of capital, hence, thenumber of marketing executives will be less, which will help in extracting higherprofitability ratio.? Increasing add on sales- Add on sales like services, brokerages, and commercial propertydevelopment will definitely boost up the profit level. Hence, it is essentially applicablefor profitability of real estate business in European continent (Small, Vail and Akbar,2016)."