January-December 2013


Industry trends

The slight improvement in the economic climate in the fourth quarter of the year has begun to be reflected in the real-estate sector. Despite its fragility, it is showing indications of stabilization in terms of sales and prices, particularly in the markets that are most attractive to foreign investors. The fall in construction activity is also slowly reducing the excess stock, and with it the pressure on prices.

Financial conditions remain attractive in the mortgage market, with interest rates and affordability ratios at all-time lows. However, lack of liquidity is still a clear obstacle to the full development of residential demand. Forecasts point to an improvement in both sales and prices in 2014.