A crisis in the shape of a U, V or the Nike symbol would devastate the Spanish real estate sector, as it would many other international businesses and markets. However, while the nature of the recovery to pre-Covid levels remains unknown, that is not the case with one of the most negative consequences of the pandemic: the restrictions over credit.
According to a recent survey published by the Bank of Spain, financial institutions anticipate a tightening in the criteria for granting loans in all segments, despite the liquidity injection from the European Central Bank. And all of this, in a scenario of impoverishment in the wealth level of families and companies, which fell in the first quarter to €1.5 billion euros, coinciding with the start of the coronavirus pandemic.
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