Real estate professionals foresee a decline in house prices

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More than 62% of real estate professionals expects house prices to decline in the coming months Y just a 38% believe they will remain stable or with a slight increase of between 5-10%according to the XIII Real Estate Barometer carried out by the Union of Real Estate Credits UCI.

Based on a survey answered by 420 real estate professionals from all over Spain, the barometer underlines that only 42% of agents think that home sales will increase or remain stable in the final stretch of 2022. In addition, the percentage of agents indicating an increase or stability in the closing of operations has fallen from 69% to 57%.

Also expect the number of sellers to increase and the number of buyers to decrease, a difference between supply and demand that will continue to increase and that is reflected in prices and in the closing of operations. Almost seven out of ten professionals (68%) think thate the number of sellers will remain stable or increase until 2023while 73% of professionals believe that the volume of buyers will decrease in the coming months.

In this sense, the rise in mortgages is the main impact that has shaken the market in recent months. Also noteworthy is the postponement of purchase decisions due to uncertainty, high inflation, the lower purchasing power of families, the increase in construction and supply costs, as well as the situation of uncertainty derived from the conflict in Ukraine. Consequently, the current degree of optimism in the sector is 6.8/10the third lowest rate of the thirteen editions of this barometer and which equals the prospects of professionals during the pandemic.

With all this, from UCI they foresee a 2023 conditioned by the macroeconomic situation and the stabilization of inflation, which will determine the evolution of interest rates. Despite the rises, it shows that the rates are at a reasonable volume and below the levels of 2008. In addition, the index body indicates that the shortage of supply in some markets will cause prices to remain moderate and far from big falls.

Source: lainformacion.com

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