2022 Annus horribilis (1)
We all agree that we are going through a very complicated situation at the time of closing the year 2022
We had barely partially recovered from the effects of the pandemic and war, inflation and interest rate rises have hit us.
It is not the place to condemn this war, instigated by a psychopath, which leaves innocent people dead, injured and destroys a large part of Ukraine, but if this war cannot be stopped it will continue to be a sword of Damocles for the rest of the world and whose consequences cannot be imagined or calculated.
However, we tried to look with optimistic eyes, but even so, everything indicates that in 2023 the markets will fall into recession and each segment of the real estate market will react differently.
Those who will suffer a lot are nationals, both for used housing or new construction, due to changes in financing. The second home market will depend a lot on the affluence of customers who do not need financing, especially new immigrants from Russia and Ukraine.
Professional investors will continue to invest but will study the market, the assets and their tenants with much more caution and selectivity.
A word of advice for everyone who wants to acquire or get rid of a real estate asset: let yourself be advised by a professional.
At Quintestate we are not fortune tellers but we have a deep knowledge of what is moving in the Spanish real estate market and we can accompany you professionally.
Newsletter November 23, 2022 Rik Re Ridder co-founder Quintestate.
