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The 2018 exchange rate crisis drove the economy into a strong recession that ended the mortgage spring that had led the previous year's growth. There are still no clear signs of a solid recovery in the sector, although the outlook for 2020 is positive. There are opportunities for improvement in terms of housing.
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
The sale of housing recorded a slight rise in May despite the favorable determinants of demand. The mortgage market showed greater dynamism than sales and the tone of housing starts remains in a context of recovery of perception of the sector by entrepreneurs
Lower net investment in real estate and high depreciation rates of intangibles account for most of the slowdown in net business investment over the last 30 years.
Although conditions remain favourable, home sales are sluggish. On a regional scale, the evolution of sales in 1Q19 showed a high disparity. Nevertheless, the price continues to rise. The variables related to construction activity do not anticipate major advances in the coming months
As with the rest of the economy, the construction sector experienced a significant slowdown at the end of 2018. The two main components, Building and Civil Engineering Works, recorded drops in GDP in the third and fourth quarters.
Despite the sluggishness of sales in February and March, house prices maintained the growth trend in 1Q19 and in most regions rose more intensely. Visas maintained an upward trend, the decline in February offset part of the rise in January.
In February, housing sales showed tentative progress, in a favorable context for demand, marked by increased employment and relatively low interest rates. The increase in mortgage lending was also more moderate than in 2018. The start of 2019 showed an increase in permits, with many of the determinants of construction activ…