Home sales transactions could fall by up to 20% over the course of the year due to the political and monetary uncertainty facing Spain following the outcome of the 23-J elections and the European Central Bank (ECB) rate hike, according to donpiso.
In a statement, the real estate network has pointed out that the result of the elections has created a “complex” political panorama, which added to the recent increase in interest rates by the European Central Bank (ECB), has led to “uncertainty” in the residential market.
“This is not good news from the real estate point of view. The housing sector, like money, is fearful, and is very sensitive to this type of change,” stressed the company’s deputy general manager, Emiliano Bermúdez.
He also regretted that any of the scenarios being considered is “complex” and that, in the event of a repeat election, the uncertainty will last until the end of 2023, which will accentuate the period of market contraction that has been taking place since the beginning of the year.
