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Spain´s Central Bank Pronounces “Restraint in the Sector´s Adjustment”
28/07/2014 – El Mundo
The Bank of Spain stated the principal indicators of the real estate market “pictured a significant slowdown in the fierce adjustment” in the first quarter of 2014.
At least this is what it says in its July and August Bulletin, emphasizing the residential investment having relaxed the correction in the second quarter with a quarterly recoil of 0.8% (similarly in Q1).
Moreover, the report remarks certain stabilization shown by real estate transactions with a bumper foreign investment and the new mortgage granting smoothing out the downward tendency.
Furthermore, the new building permits also left the path down.
However, according to the central bank led by Luis Linde, “absorption of the existing stock advances really slowly, therefore new construction is crippled.”
According to data provided by the Ministry of Public Works, property prices also decelerated their drop-off in the first quarter of 2014. In March, the year-on-year fall marked in March 3.8%, by 0.4 bps less than in December. Accumulated depreciation counted since the beginning of 2008 posts 30.6% (37.2% in real terms).
Original article: El Mundo (after: Servimedia)
Translation: AURA REE