On the ground, we are not talking about a downturn, but rather a phase of market normalization . Between land scarcity, increasingly lengthy approval processes, and sustained demand in well-connected areas, the fundamentals remain solid. In this context, 2026 should still see prices rise, but at a more measured pace. Value creation will depend above all on the quality of projects : location, sustainability, cost control, and the ability to meet real-world uses. For us develop