Searcher
Félix Lores
Félix Lores
Principal Economist
Madrid

Félix Lores has been an economist with BBVA Research since 2010, focusing on analysing the real estate market. He also forms part of the team involved in analysing the financial and non-financial accounts of the institutional sectors of the Spanish economy.

Prior to this, he was an economist at Analistas Financieros Internacionales (AFI), working as a real estate market analyst in the Applied and Territorial Economics department, where he was responsible for, among other projects, the City Council of Madrid Housing Observatory.  For almost 2 years he was a network coordinator and residential market analyst with the Public Leasing Company.

He graduated in Economics from the Complutense University of Madrid (2001), specialising in economic analysis, and has a Masters in Economics and Finance (2003) from the Centre for Monetary and Financial Studies.

Latest publications

Housing sales fell more in the Canary Islands than the Spanish average and have not recovered to their pre-pandemic level. The main reason is the reduction in foreign purchases, whose weight fell below 30% in the first 9 months of 2020. Meanwhile, prices fell by 0.9% in 2020, less than the average (-1.1%).
Despite the fall in GDP in 2H20 (-9.0% YoY), housing sales rose by 2.4% and mortgages by 5.1%. However, many of the factors supporting sales may be temporary. Towards the second half of the year, the sector could show a vigorous recovery. Its fundamentals are solid.
The sale of homes and the signing of permits suffered a notable correction during the months of confinement. This resulted in a drop in residential prices in 2Q20 and 3Q20, the first time since 2015. The correction could continue in 2021, although a recovery is possible towards the second half of the year.