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The real estate market has not yet recovered the tone it had before the last regulatory reforms. Thus, despite the relatively positive determinants of demand, home sales fell in November, which did not prevent a slight rise in mortgages. Supply-side variables show weakness
Further improvement of sovereign risk measures across the board, driven by a protracted search for yield, against the background of supportive central bank policies, together with better incoming cyclical data, muted inflation and some de-escalation of global uncertainties (trade war)
The loss of traction in the real estate market was somewhat more intense in the early summer months. The contraction of sales in the last months has been reflected in a moderation of the growth of housing price in 2Q19. On the other hand, construction activity is beginning to show signs of deceleration
The search for yield and looser monetary policies across the board, favor sovereign spreads compression, despite a worsening global outlook, poorer incoming data and balance of risks, and the lack of improvement of fiscal disequilibria.
Home sales lost traction in 1H19 despite positive demand determinants. At the same time, construction activity maintained its growth trend. Housing price showed an upward trend, especially for new housing. The market shows a high regional heterogeneity
Against a background of increasing concerns on economic cycle strength and uprise of global trade tensions, the central banks' more dovish tone helps that financial tensions and global risk aversion remain bounded.
In April home sales rose more than expected and mortgage loans in May increased after the significant increase in April. In addition, the INE confirmed that the recovery of housing prices continues. Meanwhile, permits moderated in April. Exposure to uncertainty due to Brexit will be more pronounced in the Mediterranean regi…
June 2, 2016
Spain| The evolution of housing prices in 1Q16 confirms the recovery of the housing market
The growth in home sales slowed in March but grew in the first quarter finally. In turn, the growth in mortgage lending also slowed in March, but the flow of new credit grew strongly in April. Meanwhile, the price of housing increased 2.4% yoy in 1Q16. Finally, the signing of permits accelerated in March