But the true impact of this event goes far beyond the visible debris. For those who follow the real estate market closely, it was clear that this was not just an extreme weather phenomenon, but a real stress test of the national building stock and the way we assess risk and value in Portugal.

For years, climate risk has been treated as a secondary, almost academic topic, present in sustainability reports and European regulatory requirements. Kristin ended that phase. The physical vulnerability of buildings has had direct implications on their financeability, the cost of insurance and market value. In a country where most buildings were built before 1990, for a different climate and with less demanding technical standards, this reality cannot be ignored. When an asset suffers structural damage or faces difficulties in maintaining adequate insurance coverage, the impact is no longer just technical, it is financial.

At the same time, we are witnessing another less visible but equally relevant phenomenon: the risk of transition. Banks and investors are increasingly paying attention to the energy efficiency, resilience, and adaptability of assets. Buildings with poor energy performance or without clear rehabilitation plans are starting to be penalised in price. The so-called discount applied to less efficient assets is already a reality in several European markets and Portugal will be no exception. The market is differentiating more and more clearly between resilient assets and vulnerable assets.

However, I do not see this scenario only in grey tones. On the contrary. The storm brought a reality shock that can accelerate decisions that were already necessary. Portugal today has access to European funds, rehabilitation incentives, VAT reduction on certain works and a new generation of promoters and managers much more aware of the importance of efficiency and sustainability. The technology allows you to monitor consumption in real time, optimise energy performance and reinforce structures with increasingly sophisticated solutions. Rehabilitation is no longer just an aesthetic or energy-saving issue, it has become a strategy for protecting value.

The Portuguese real estate market has already shown resilience in other crises. It has adapted to financial shocks, to fiscal changes, to profound changes in international demand. Now it faces a new variable, the climatic one, which is here to stay. But this variable also creates opportunity. Investing in structural strengthening, energy efficiency and long-term planning is not just about complying with rules, it is about ensuring future competitiveness and attracting capital that is looking for solid assets that are prepared for a more demanding world.

Kristin Storm was a stark warning, but also a moment of clairvoyance. The wind has calmed down, the damage is being repaired and the market is reflecting. If there is the ability to learn from this episode, Portugal can turn a stress test into a strategic advantage. In a scenario of global uncertainty, the assets that survive and evolve will be those that integrate resilience as a central part of their DNA. And that is precisely where the light at the end of the tunnel begins.