The president of the National Association of Real Estate Agents has predicted that the sector’s behavior is in line with the “general deceleration” of the economy.
Source: Europa Press

Vicenç Hernández Reche, president of the National Association of Real Estate Agents (ANAI) and CEO of Technotramit, predicts that home sales will drop by 10% in 2023. He has also forecasted a 5% decline in prices. Hernández Reche noted that the real estate sector’s behavior aligns with the “general deceleration” he anticipates, despite the “resilience” of the housing market to crises.

“The data do not yet reflect this, but in the coming months, a logical decline in interest in purchasing homes in Spain is expected due to the high real estate activity of recent years and the rising cost of living and mortgage financing,” he stated in a press release on Tuesday.

At the Brink of a New Real Estate Bubble?

Hernández Reche, who is also president of the Catalonia Association of Real Estate Agents (AIC), highlighted that a positive consequence of this trend shift is that “the drop in prices will oxygenate the market and prevent another real estate bubble in the future.” In his view, the bubble scenario could have become a reality in 2024 “if the gradual price increase of recent years had continued, even with the pandemic in the mix.”