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After more than a decade of deleveraging, the Spanish banking system has changed phases. In 2024, the credit balance to the resident private sector turned positive again, with contributions from both households and businesses, and this trend continued into the first months of 2025.

The change of cycle expected by the sector was confirmed. The repeal of the Rent Law, the resurgence of loans, a greater control of inflation and recovering real wages augur a further expansion of the real estate market.

Construction grows 10.5% in the second trimester of 2023, the impulse comes from Civil construction. Mortgage credit shows a contraction of 4.1% on number of mortgages and 8.6% on credit amount. The potential demand for affordable housings amounts to 3.2 million houses.

The housing market is waiting for a change of cycle that will allow for greater stability and predictability. Rental supply is at historic lows. In the short term, we do not expect construction to be very dynamic.

Home sales have increased in the last year, far more than expected in an economy that saw GDP fall 10.8% in 2020 — with sector indicators offering plenty of evidence of the strength of demand.

More than year after the start of the pandemic, the number of non-performing loans (NPLs) in the Spanish banking system continues to fall, though at a slower rate than before.

We are currently in the midst of the worst economic crisis that Mexico has experienced in modern times. This has resulted in the sharpest declines in history and deeper impacts than those seen in 1995. Construction is not exempt, and the economic depression that the sector has been experiencing since 2018 has worsened.

The mortgage burden is low, but should increase in 2020. FIBRAs and the real estate market in Mexico. Mortgage sector contractions in Mexico.