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Housing demand will be restricted by the increase in interest rates and new housing production will remain at similar levels to 2019. Unlike in other countries, there are no price imbalances and the moderation in growth will come mainly from used housing.
Going forward, the real estate market will be exposed to factors that will put negative pressure on demand. For example, interest rates are expected to continue rising and the 12-month Euribor is expected to stabilize above 4% and remain there for much of 2023 and 2024.
In May, 7.085 vpermits were signed, 41,3% more than in the previous month. The growth was bigger than expected and offsets the fall of the preious month. On their part, rehabilitation works grew by 5% in May in regards to the observed number in…
4795 permits were signed in April, 20,3% less than the preceding month. The setback was higher than expexted which offsets the growth of the previous months. On the other hand, refurbishment works in April remained practically stagnant in regar…
6.176 permits were signed in March, el 9,4% more than in the previous month. The number is better than expected and ends a positive quarter in the housing market. On the other hand, rehabilitation works went back in March and dragged the quarte…
During February 5,663 permits were signed, 6.5% less than in January, an evolution in line with the expected that confirms a better beginning of year than in 2015. About rehabilitation work, after two months of permits contraction, these increased in February 3.2% from the previous month.
The residential demand´s fundamentals are developing positively. However, increased consumer uncertainty could be behinf lower sales growth and the mortgage lending growth moderation. Housing starts rose in November and supply variables evolved positively.
