22 April 2020 – Brainsre.news
The effects of the pandemic on the market will be most significant during the second and third quarters, according to pisos.com. Although the portal predicts that house prices will not fall by as much as they did in 2009.
The shutdown of the real estate market due to the Covid-19 crisis is putting between 50,000 and 100,000 operations at risk. The real estate portal pisos.com has proposed two different scenarios depending on how the health crisis in Spain progresses. If the recovery of the market after lockdown is rapid, the total volume of operations will amount to around 450,000 in 2020, which would represent a drop of 10% compared to the 500,000 recorded in 2019. If the recovery is slower, then the volume of operations could drop to around 400,000, or 20% less.
The real estate portal and the online financial institution hipotecas.com have conducted analysis of the possible scenarios for the sector following the impact of the coronavirus, whose effects on the markets are expected to be most significant during the second and third quarters: “House prices are not going to collapse like they did in 2009, but their evolution will be linked to that of GDP, and so we expect to see declines of between 6.5%-13.5% after lockdown”.
Original Story: Brainsre.news
Translation/Summary: Carmel Drake