We are used to hearing that, despite the increase in interest rates, the rise will continue to regulate house prices in Spain. Looks like it’s a trend It will change starting next year.
This is stated by a study real estate portal Pisos.com The report predicts that the increase in house prices for sale will be “moderate” until 2024. with a 2% increase in sales (from the 6% expected this year) and a “slight” increase of 1%. in the case of rental housing.
This was announced by the Director of Research. floors.comFerran Font reminded, “It is not clear whether the development in interest rates will be horizontal or decreasing in the coming months.”
Among the main problems Font states that it is clear that “new construction materials are scarce” in the market“Although high demand puts pressure on prices, the bargaining margin between buyers and sellers is starting to increase,” he explains.
Regarding the rental market, he stated: “many imbalances“between supply and demand, mainly because demand goes to rent as it “does not have access” to the purchase market, but ensured that many tenants fled the most central areasThis situation, where rental prices are more stressful, will mean a decrease in rental prices for the next year in some regions.
Likewise warned new one housing law causing many properties to leave the traditional rental market and navigate the temporary, tourist and room rental market.
During the presentation of the study; Font guaranteed that housing purchases and sales will close the year with 584 thousand 545 operations.It is 10% less than the previous year, and next year this decline will fall to 4%, or 561,163 operations.
Regarding mortgages, The expert predicts that by the end of 2023, signatures will fall by 18 percent to 379,954, and these will continue to fall to 336,698 by 2024, with 11 percent fewer operations.
Pisos.com predictions According to Font, they point to a total of 115,458 new construction visas for 2023 and 116,613 for 2024; this figure remains “above the minimum”, but it is “far from” meeting the housing need in Spain.