Its good performance is due to factors such as the labor market and the household savings rate, among others.
MADRID, 21 Ago. (EUROPA PRESS) -
The Spanish real estate market "is very well positioned at the moment" compared to other developed countries in the world, according to an analysis by Tecnotramit, a Spanish service company for financial and real estate entities.
In its analysis of the housing market in different economies, the company indicates that the Spanish is in a good moment due to factors such as the healthy state of the labor market and the household savings rate, among others, which mitigate the problems accessibility to the market and limit the forced sales of housing.
In this sense, he points out that the resistance of private savings and a good situation of financial institutions, which have enough capital to be able to absorb potential losses, contribute in turn to avoiding feedback mechanisms that could cause falls. in the price of housing in the medium term.
"In many developed economies, including Spain, the price of housing has been growing significantly for years, a trend that was accelerated during the pandemic," explains the CEO of Tecnotramit, Vicenç Hernández Reche.
The economist also comments that this "occurred as much due to changes in residential demand needs and a limited supply as due to the increase in inflation and the economic measures that were taken within an expansive fiscal and monetary policy."
Thus, in global terms, the price of housing has gone from growing 2.8% year-on-year in 2019 to 4.5% in 2020 and 11.8% in 2021, according to the Tecnotramit analysis.
This upward trend, he points out, was slowed down by inflation in 2022, "the year in which it became clear that the price of housing had increased at a much higher rate than wages and household income, producing a clear imbalance in some markets.
For Tecnotramit, the countries that cause the most concern are those in which the increase in the average price is accompanied by an increase in household debt.
On the European continent, the real estate market of Denmark, Luxembourg, the Netherlands, Norway and Sweden stands out. In addition, in these countries, mortgages are mostly at a variable rate, so families have suffered a greater impact from the rise in rates, he highlights.
Outside Europe, Australia, Canada, the United States and New Zealand are the most worrying cases. Likewise, Tecnotramit distinguishes a second group made up of Germany, Portugal and the United Kingdom, whose macroeconomic indicators are less alarming, although they registered an escalation in prices during the pandemic together with a rebound in household indebtedness.
This context did not cause the trend to begin to correct itself in many international markets in 2022, coinciding with the rise in interest rates, with the consequent erosion of the real disposable income of families.
The markets that experienced the greatest decreases in their average price from maximums are Germany, Australia, Canada, the United States, Norway, New Zealand and Sweden, with falls of 2% to 10%.
Despite these falls, in all of them the price is still above pre-pandemic figures, explains Tecnotramit. In addition, sales fell at double-digit rates in year-on-year terms.
In the Netherlands and the United Kingdom the symptoms of cooling are also beginning to be noticeable. The greatest adjustment will take place in the Anglo-Saxon economies (Australia, Canada and the United States), while in Europe it will be more moderate, according to Tecnotramit forecasts.