Natalia Forès, an architect raised in Reus, built a portfolio of 20 rental properties across France and the UK despite having no prior investment experience. Her journey began in Paris, where even a modest home was out of reach. Facing high prices, she chose to learn how the real estate market worked rather than settle for a cramped studio.
Forès began investing in the United Kingdom, not Spain. She established a limited company and bought her first two properties in Scotland, targeting areas outside city centers. Her strategy focused on tenants receiving public assistance, with rent often supported by the state, local authorities or charities. That support offered a measure of stability that appealed to her as a newcomer to the sector. The Department for Work and Pensions says private renters receiving housing support are usually restricted to the Local Housing Allowance (LHA) rate for their household size and postcode. Assistance is so tied to eligibility and local limits, rather than automatically covering any rent agreed with a landlord.
As her confidence grew, Forès expanded her portfolio. She acquired a property near Nottingham and converted it into a multi-room rental, then turned another house into three separate apartments. Eventually, she brought her expertise to France, using her architectural eye to improve each property's appeal and functionality.
Forès believes one of the most common mistakes in property investment is choosing a home for personal taste instead of future tenants' needs. She prioritizes natural light and smart layouts, while insisting on quality renovations. Well-designed spaces, she argues, attract renters and improve their experience. Her approach is pragmatic: adapt each property to its target market instead of imagining herself living there.
Scaling Up
Her latest venture marks a new key stage. Forès is preparing to add an entire building of eight compact apartments and studios to her portfolio. She estimates the project could generate €3,600 in monthly rental income, with a projected yield of 11.5%. That monthly figure would amount to €43,200 in gross rent a year, before financing, operating costs, taxes, vacancies or maintenance. If the 11.5% figure is based on gross annual rent, it implies a capital basis of about €375,652; the calculation excludes expenses and does not establish a net return. Once renovations are complete, she expects the market could support even higher rents.
Benefits-linked rent also depends on how housing support compares with local market prices. The LHA is normally set at the 30th percentile of local rents. Reporting based on government figures says 2026-27 two-bedroom allowances were below cheaper-end rents in all 152 English rental areas examined, with a typical reported gap of £103 a month. Those figures describe current policy conditions, not the circumstances when Forès acquired her properties. They show why public assistance does not eliminate affordability or arrears risks. The Regulator of Social Housing has also noted that enhanced housing-benefit income is impressive to some landlords’ operating models. Its 2026 sector publication says non-social-housing activity accounted for 11% of income among the accounts covered in 2024-25, down from 12% in 2023-24.
Financing has changed along with her ambitions. In her early French investments, Forès put in around €20,000 of her own funds alongside bank loans for the purchase and renovation. Over time, she brought her upfront capital down to zero in some deals, relying entirely on external financing. She typically budgets between €1,000 and €1,500 per square meter for renovations, balancing cost with the need for quality finishes.
Women in Alternative Investment
Forès's story reflects a broader shift in Spain, where property remains the cornerstone of household wealth. The Bank of Spain's 2024 Family Financial Survey puts real estate at 68.5% of total assets. Women are also increasingly active in alternative investments: SegoFinance reports that they now make up about 43% of its 45,000-strong investor community.
Context and Trends
Forès's methodical, design-driven approach stands out in a market where many investors still rely on intuition or tradition. Her focus on tailoring properties to tenants' needs and using public-sector support has helped her expand across borders. Modular, efficient construction is also gaining ground. One example is the German wood block system, which promises to assemble homes in just a week, as detailed in this report on rapid timber construction.
Forès's trajectory suggests that professional understanding, a willingness to take strategic risks and flexibility can help investors build a large property portfolio, even without prior experience. Her story may encourage others to look beyond traditional paths and consider how expertise from other fields can open up opportunities in real estate.
