Supply and demand conditions in the Spanish property market and considerations for the SAREB

Supply and demand conditions in the Spanish property market and considerations for the SAREB

Fecha: abril 2013

Autores: María Arrazola, José de Hevia, Desiderio Romero-Jordán, José Félix Sanz-Sanz

Etiquetas: Mercado inmobiliario, Demanda de vivienda, Precios de la vivienda, SAREB

Spanish and International Economic & Financial Otlook, SEFO, V. 2 N.º 2

Several supply and demand side factors are attributed to fuelling Spain’s property market bubble from 1997-2008 and its subsequent collapse coinciding with the global financial crisis. This article sets out to examine supply and demand side determinants of Spain’s housing market, such as population growth, household incomes, unemployment, production costs, real interest rates, and house prices, among others. At present, it appears that most of the factors that worked together to promote the property boom between 1997 and 2008 are now conspiring to prolong the crisis in this sector. The negative impact of slow population growth and high unemployment largely outweighs the positive impact of lower prices on housing demand. This is the challenging scenario SAREB will likely face as it attempts to implement its mandate and sell off property assets transferred from the Spanish financial system.

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