The trajectory of housing prices in 2024 will be shaped by the delicate balance between supply and demand in various regions, according to experts.
María Matos, Director of Studies at Fotocasa, foresees a continued but more moderate increase in prices during the first quarter of 2024. She emphasizes the diverse nature of the market, underscoring the possibility of witnessing downward price fluctuations in communities with lower demand and less tourist allure.
Francesc Quintana, the founder and CEO of Vivendex, asserts that, moving into 2024, affluent neighborhoods will experience price stability, while lower-income areas will need to make necessary price adjustments.
Examining specific regions, José Manuel Fernández, Deputy General Manager of UCI, notes the remarkable resilience of prices, particularly in major cities, coastal areas, and islands. Anna Puigdevall, General Manager of ANAI and AIC and Treasurer of FIABCI Spain, concurs, stating that square meter prices in major cities will persist due to high demand. Pelayo Barroso, National Director of Savills Research, observes that the second-hand market will witness price stabilization and declines in markets catering to buyers affected by the worsening mortgage market. In contrast, David de Gea, General Director of HousinGo, predicts a general stagnation in housing prices in 2024.
Carolina Roca, president of ASPRIMA, predicts a potential slowdown in national housing price growth based on current economic indicators. Teresa Marzo, CEO of Elix, emphasizes that prices cannot decline due to unmet demand, a sentiment echoed by Juan Jesus Martinez, Commercial, Marketing, and Sales Director of Exxacon, who expects price containment due to rising interest rates affecting real estate demand. He highlights that specific markets with high demand will drive prices upward.
Jesús Duque, Vice President of Alfa Inmobiliaria, and Óscar Larrea, Senior VP of Evernest Spain, attribute the persistence of high prices to the ongoing scarcity of supply, especially in metropolitan areas with high demand. Patricia Rodríguez-Lázaro, Head of Investment at Clikalia, anticipates a continued rise in housing prices in 2024, albeit with less intensity after the interest rate hike in 2023. In contrast, Miguel Ángel Gómez Huecas, president of the real estate association FADEI and AMADEI, anticipates a potential 10% decrease in prices in 2024, while forecasts suggest an increase between 1% and 3%.
Source: Fotocasa
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