Real estate agents foresee a second semester in the housing market "at the mercy" of the ECB

The General Council of the organization predicts that the housing market will follow the same trend as of 2023

The General Council of the Official Colleges of Real Estate Agents of Spain predicts that, in the second half of 2023, the housing market will be "at the mercy of the effects of political and economic uncertainty, as well as monetary guidelines of the European Central Bank (ECB) and the Bank of Spain".

The agency points out that the housing market will continue to evolve under the same trend as in the first part of the year, especially due to the result of 23-J.

However, the purchase of real estate will depend on monetary policy, since a high percentage of this comes from bank financing for families.

Likewise, as the member of the General Council, Ángel Martínez León, assures, "it is being a summer of political uncertainty and, therefore, of certain economic instability, which is detrimental for any market".

In this context, the organization stresses that "house prices during the first semester have stagnated due to the rise in interest rates, which has an impact on the pockets of consumers and families."

The areas least affected by the drop in operations will be the large provincial capitals and their respective metropolitan areas: Madrid, Barcelona, ​​Valencia, Malaga, Seville, Zaragoza, Murcia or Bilbao.

On the other hand, where it will be most noticeable will be in areas with less demand for the purchase or rental of homes, since it is in those that are most affected by the increase in the cost of money and the difficulty in accessing financing.