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Estate Agents Forecast a Sharp Decline of 30% in the Demand for Housing

According to the agency Century 21 New Estate, house prices will not recover to their pre-pandemic levels until 2023.

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Javier Ortega, founder and CEO of the real estate company Century 21 New Estate, forecasts that the real estate sector will suffer an imminent drop in demand, of around 30%, and an accumulation of supply.

“Although until now, the market has continued with a certain degree of ‘normality’, it does not make sense that, given the economic crisis that we are experiencing, the real estate market should continue to be so active,” says Ortega. In addition, he adds that “from August, the supply will be more susceptible to price decreases.” This is an issue that is also worrying other agents in the sector.

Read the full article in Spanish.

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