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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.
In June the sale of homes and the signing of mortgages evolved positively and the behaviour of loans in July points towards further increases. Housing starts grew strongly in May and the traded floor area increased at the end of 2Q18. Meanwhile, the non-residential segment moderated in the first half of the year.
