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September 28, 2016

BBVA forecasts on the Spanish property market

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The second half of the year will be very positive for the real estate market in Spain, according to the analysts of research group BBVA Research. However, they warn that demand for residential property in Spain will grow less than in January-June 2016 due to moderate economic growth and political uncertainty in the country. The financial institution also estimated that the price of houses and apartments in Spain will continue to grow in areas where low demand exists.

During the first half of this year, sales of residential properties in Spain maintained their growth trend mainly thanks to the creation of new jobs and the growing availability of mortgage loans in the country. In addition, BBVA Research analysts claim that "the positive development in demand has resulted in the recovery of construction activity in Spain."

Therefore, the experts of BBVA Research predict that during the second half of 2016 the Spanish housing market will continue its positive development. However, analysts note that "the expected slowdown of national economy in the last months of the year will cause a decrease in the volume of real estate sales in Spain compared with those recorded in the first half of this year. In addition, uncertainty about the country's economic policy can affect the availability of demand."

Moreover, the specialists of BBVA Research believe that the activities of the Spanish property market in the future will be based on the growth in demand and on the gradual absorption of excess offer of residential properties that in turn "will be a good ending of the year marked by growth, although from relatively low levels."

With regard to residential property prices in Spain, BBVA Research forecasts that under the conditions of the constant reduction of real estate offers, prices will continue to record an upward trend on a global scale in the coming quarters. "This does not exclude, however, the fact that the less active property markets will continue to function without growth rates in prices of apartments and houses in Spain. In other words, the geographical heterogeneity will remain present in the Spanish real estate market", – conclude the analysts.

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