🏠 Predictions for the real estate market in Spain for the remainder of 2023.

🏠 Predictions for the real estate market in Spain for the remainder of 2023.

Dear I-VEO Synergy fans! 🏢

Today we want to share with all of you a summary of the latest report on the real estate market in Spain and the forecasts for the remainder of 2023. This report shows us how the current situation is being influenced by various economic and social factors. Let's see what the future holds!

Current situation of the real estate market in Spain:
The real estate market in Spain has experienced a slowdown in 2023, marked by the pandemic and the global energy crisis. The accumulation of savings during the years of confinement led to a boom in sales in 2022, with historically high prices and figures not seen since 2008.

Energy crisis and inflation:
However, the energy crisis and inflation triggered a significant rise in interest rates, making mortgages more expensive and reducing the saving capacity of families. Rising interest rates and tightening requirements by banks have decreased demand for housing, impacting a contraction of the real estate market during 2023.

Forecasts for the remainder of 2023:
Experts predict that house prices will continue to decline, although not significantly due to the lack of new construction, which balances supply and demand. Prices are expected to fall during the first half of the year, although more expensive cities will feel the impact of rising interest rates more mildly.

Foreign demand breaks records:
Despite the slowdown in the real estate market, foreign buyers are breaking sales records in Spain. Its greater solvency and the attraction of the Spanish climate continue to be determining factors in its purchase decision.

Conclusions:
The real estate market in Spain faces challenges during the rest of 2023 due to rising interest rates and shrinking demand. Although a reduction in house prices is expected, it will not be as pronounced due to the lack of supply. On the other hand, foreign demand remains an important factor in the market.

We are here to accompany you in your real estate decisions! If you have questions about the evolution of the market or need advice on the purchase or sale of a property, do not hesitate to contact us. Our team of experts at I-VEO Synergy is ready to help you every step of the way.

 #MercadoInmobiliario #España #Predicciones2023 #IveoSynergy #AsesoramientoInmobiliario

Sources: El País, Idealista, HelpMyCash, Colegio de Registradores, Notarios de España.