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The Bank of Spain Warns of an “Incomplete” Recovery in the Real Estate Market

The entity forecasts an increase in investment in housing during the second half of the year associated with the progressive normalisation of the figures for house sales and new build starts.

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The Bank of Spain estimates that the economy managed to grow by around 16% in the third quarter of the year and rules out another major lockdown. However, it does not believe that pre-crisis economic levels will be achieved until at least 2023, according to the entity’s latest quarterly report.

“We contemplate two alternative scenarios”, explained the General Director of Economics and Statistics at the Bank of Spain, Óscar Arce, during his presentation. He said that “we will not have recovered to pre-crisis levels by the end of 2022 in either case”. “In recent weeks we have detected signs of another slow down and the tailing off of the recovery”.

Read the full article in Spanish.

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