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The Covid-19 Crisis could have a Similar Effect to the Economic Crisis of 2008 on the Residential Sector

The consultancy Gloval has drawn three recovery scenarios for the housing market in Spain. The most negative would result in a situation similar to that caused by the bursting of the property bubble in 2008.

Viviendas playa de Aedas Homes en Dénia Alicante 2 2

With economic activity practically suspended and thousands of jobs at risk, the real estate sector is working on determining the most likely impact that the Covid-19 crisis will have on the Spanish market.

In this context, three possible scenarios have been drawn as to how the housing market in the country will behave. The most optimistic forecasts estimate an impact for the duration of 2020 only, whereas the most negative forecasts consider that the recovery will not happen for another three years.

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