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Real estate market: 10 inputs of 2016 and 10 thoughts

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If we had to put a headline for this 2016 we would say “the recovery of the real estate market is consolidated”.

1. Sales of new housing in Barcelona and the first crown has been exceptional. Our company has sold more than 180 aparments.

Does it only respond to the withheld demand? The data analyzed shows that it is so in most of the cases although there are 20% that respond to small investors who find in the real estate sector a refuge in the investment, that the deposit in the bank no longer provides it.

 2. Repercussion prices and absolute prices on sales have been reasonable. The truth is that in certain promotions prices have risen once a significant part of the total of the properties have been sold, although it has been very controlled.

Our concern is that prices will go up. If salaries do not rise, there will come a time when supply and demand will not be equal.

 3. We have have months in which mass media talk about real estate market, price rises, …

We are already seeing a first consequence: many owners begin to overvalue their properties. We think it will be one of the trends of 2017.

 4. The uncontrolled proliferation of real estate agencies, freelancers, .. That in order to get product to be marketed are overpricing properties.

In a country like this, where the real estate sector – especially brokerage – is unprofessional, the risk of overvaluing properties is repeated every time the market improves. It is a subject that concerns us.

 5. The easyness to obtain mortgages. During this year we had not any problems getting mortgages to our clients – provided that they fulfilled the conditions established by the bank.

We are worried that the bank will return to practices to give 100% as a few years ago.

 6. Lack of second-hand product on sale.

Surely this year 2017 there will be more housing of this type for sale, as flats of new buyers should be put up for sale after brand new flats of many promotions started at the beginning of last year will be delivered.

 7. The lack of housing for rent. This is one of the most important problems that, at this time and in relation to the housing market in Barcelona,​​ concerns to the authorities. We received the visit of the Mayoress Excma. Ms. Ada Colau, the Housing Registrant, Mr. Muntaner, and the Housing Manager, Mr. Buron, in our offices in Sant Just to talk about this topic. We appreciate their willingness to listen to both our criticisms and our proposals, and we did a few.

Prices have risen more than 14% in a year and we rent most of the flats in 3 days. This will be one of the great problems of 2017.

 8. We have managed to have a default on rent of 1’5%, result of two factors: be very careful and demanding when rentin, and very quick when we detect a problem.

Keeping this figure is one of our objectives, since it gives a great peace of mind to investors who decide to buy for rent and so to the habitual clients.

 9. For the first time since 2007, 10 years ago, we have major rehabilitation works underway in communities we manage. This is an important fact, since we defend that we must invest in the maintenance of the most precious goods that have the majority of the citizens of the country: housing, and must be done today, always looking for the improvement of energy efficiency. We must keep in mind that housing is the only private area and also the whole common area, which is often forgotten.

In this 2017 we will recover the tradition of meetings, conferences of pedagogy in the environment of rehabilitation and maintenance.

 10. We are aware that there are still many social problems related to housing, from occupations to evictions. Even so, it has been the best year since the crisis began.

We think that 2017 will also be a good year with many challenges. One of the most important: finding ways out of the issue of lack of rent. It is a contradiction the discourse we all make: that young people are better off going for rent because it allows, among other things, labor mobility and, afterwards, it is almost impossible to find a home.

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