For family reasons, I recently spent several weeks in the United States—the longest continuous period I have spent there in decades.
Although Madrid is still my home and the place I most like to be (when I am not visiting my grandchildren in São Paulo or Luxembourg), this stay gave me an unexpected opportunity: to immerse myself once again in American culture, particularly from the perspective of the real estate market.
What struck me most was the contrast between the American and Spanish views of real estate—both personally and professionally.
Why is it easier to get into the real estate market in the US than in Spain?
In the United States, real estate investment is seen as an accessible path for anyone willing to learn the basic principles. There is a deep-rooted belief that, regardless of income level or social background, anyone with determination and financial know-how can start building a property portfolio, even starting with a “no money down” deal in a modest area. This “sweat equity” mindset—that is, investing one’s own time and physical effort to create value—is something rarely seen in Spain.
This attitude stems from a broader aspiration: to use real estate as a tool for achieving financial independence. Not just to generate wealth, but to gain freedom from employment or from the State.
Factors that foster this culture in the US
✅ Lower barriers to entry. Transaction costs are lower and taxation is more flexible. There is no upfront burden of “self-employed registration”, with monthly contributions payable before any income is generated.
✅ Access to information. Data on neighbourhoods—income, demographics, trends—is readily available, making it possible to take informed decisions.
✅ More flexible zoning regulations. Entrepreneurs can adapt properties with far fewer restrictions than in Spain.
✅ Access to credit. Investors in the US have access to both bank financing and private capital, even without substantial savings. There is risk, yes, but also real opportunity.
Opportunities that are created, not inherited: a reflection from RS Bersy
In Spain, real estate is still associated with large personal fortunes or institutional investors. Bureaucracy, regulation and a lack of practical training make it extremely difficult for those starting from scratch to gain access. There is no accessible culture of education in this field, nor any real encouragement of small-scale entrepreneurship.
At RS Bersy Gestión 2002, we believe in creating opportunities through real estate. I hope that one day Spain will implement reforms that make it easier for more citizens to build their own future through effort and vision—not merely inheriting opportunities, but creating them.
Until then, I return to Madrid with gratitude—and with renewed respect for the entrepreneurial energy that defines the American real estate market.
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