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House prices down in Spain due to the COVID-19 coronavirus crisis

Madrid / Just two weeks after the expected end of the state of alarm, the residential sector agrees that house prices will drop this year in Spain due to the effects of the pandemic and demand for rental flats will increase, which in 4 years could add 400,000 new homes under that regime.

The real estate consultancy CBRE has not only estimated this Tuesday in a digital meeting that citizens will look for more and more apartments for rent – it will go from the current 23.9% of the park to 26.3% in 2024 -, but the coronavirus crisis will that house prices fall, with declines of between 6% and 7% at the end of 2020 for used ones.

This is justified by the progressive deterioration that will occur in the employment rate and by the greater need to sell by the owners.

New construction homes, according to CBRE, will lower their prices by between 2% and 4% and more asymmetrically in Spain.

The Fotocasa portal also indicates that the fall in prices “may be accelerated” by the current economic situation caused by the coronavirus and hopes that in the coming months “the first price falls will begin to be seen” in housing.

March, turning point

The starting point of this downward trend was set this Tuesday by the National Statistics Institute (INE). It has confirmed that the price of housing increased on average in Spain by 3.2% in the first quarter compared to the same period of the previous year, which represents the most moderate rise since 2015.

The upward sequence of house prices accumulated 24 consecutive quarters, with an increase of new construction of eight tenths between January and March, up to 6.1% in the interannual rate, for a consecutive series of upturns from the second 2014 quarter.

In second-hand homes, prices increased by 2.7% in the first three months of the year, marking the most moderate rise since the first quarter of 2015.

From this scenario, the Idealista website has calculated that the price of the used home in Spain already fell 1.3% in May and warns that the drop may reach double digits this year in some areas.

The reason for this acceleration in the drop in prices has to do, according to the director of Studies at Pisos.com, Ferran Font, with the “rush or need to sell” an apartment and the consequent downward adjustments in prices.

Transactions fall

Regarding the sale of homes, CBRE indicates that transactions after the pandemic will drop immediately (in 2020) between 20% and 25%, to 450,000 homes sold, but that decline will be “less prolonged in time and very different from the previous crisis ”, he specifies.

The impact of COVID-19 will be greater in the sale of second-hand flats, which currently account for 90% of the transactions and which will further affect second homes.

Operations on new construction housing will suffer delays but with less impact from the pandemic and greater in terms of new construction visas, explained the director of CBRE Residential, Miriam Goicoechea, at the presentation of the report.

Goicoechea has made a subsection on the capitals of Madrid and Barcelona, ​​those with the highest population density, since in both the price adjustments will be “less due to high demand”.

She has warned that the greatest impact will occur in other areas, such as the Costa del Sol or in certain areas of Levante.

Residential investment will not suffer a notable deterioration in the next post-COVID era “driven by high demand” for rent, while the report rules out the risk of oversupply and non-completion of residential developments such as that which occurred in the previous crisis . (June 10, 2020, EFE / PracticaEspañol)

(Automatic translation)

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Question 1
En el texto se dice que...
el sector inmobiliario descarta que el precio de la vivienda vaya a bajar en España.
la crisis causada por el coronavirus no tendrá nada que ver con la bajada del precio de la vivienda en España.
la crisis por pandemia de la COVID-19 afectará a los precios de las viviendas en España.
Question 2
Según el texto...
la crisis del coronavirus no solo hará que el precio de la vivienda baje sino también que se reduzca la demanda de los pisos de alquiler.
todos los ciudadanos prefieren los pisos de alquiler que están lejos de zonas verdes y de parques.
se prevé que se incremente la demanda de pisos de alquiler en España.
Question 3
En el texto se dice que...
los precios de las viviendas cayeron significativamente en España un mes antes de que comenzara la crisis del coronavirus.
se descarta que la situación económica del país pueda estar relacionada con la necesidad de vender una vivienda.
los precios de las viviendas de segunda mano podrían bajar aún más en algunas zonas de España.
Question 4
En el texto se dice que...
el ajuste de los precios será menor en Madrid ya que la demanda es mayor.
la inversión residencial se verá gravemente afectada por la crisis del coronavirus.
se desmiente que pueda haber algún tipo de retraso en las operaciones sobre vivienda de obra nueva.
Question 5
En el vídeo se ve que...
no hay ninguna grúa de construcción cerca de ningún edificio.
hay algunos carteles en los que se anuncia que esa vivienda está a la venta.
aún no han terminado los trabajos de construcción en todos los edificios que aparecen en el vídeo.
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