Property Sector Forecasts Positive Cycle Change In 2023

23 Jan 2023 | Blog

2023 started by celebrating a new edition of the already traditional annual event Tribuna Immoscopia. Like every year, the Catalonian College of Property Agents (Agentes de la Propiedad Inmobiliaria, API) analysed the viewpoint of this year’s Catalan property market during its VIII edition, which brought together the main property sector public figures and organisations.

Vicenç Hernández Reche, Tecnotramit’s CEO and chairman for the National Association of Property Agents (Asociación Nacional de Agentes Inmobiliarios, ANAI) participated in the event. He assured ‘property sector professionals will be able to take advantage and improve work as the setting becomes ever more difficult.’ ‘But for this reason, we must focus on a key concept for our survival as professionals, executives, or business owners. And the key is innovation.

The economist also highlighted that ‘2023 will move from purchasing less residential assets to more, which will strengthen trends still in the maturing process and will be the basis for the new property cycle we are entering.’ Furthermore, Hernández Reche indicated that ‘the future of inflation will be a macroeconomic factor on which the economic progression will depend for stability and sector regeneration or other less optimistic scenarios.

In addition, Tecnotramit’s CEO reflected positively on 2022, ‘a double-sided year’: the first part ‘brought a tailwind that exceeded all expectations’ and the second one in which external factors converged and avoided the economy overheating. ‘Oxygenating the market is good, if the trend had continued we could be talking about a bubble.

Lastly, the expert reiterated the sector’s cycle change. ‘Several factors prove it: economic and legal uncertainty, higher interest rates that complicate access to financing… However, if current circumstances regarding prices and interest rates continue thus far, the number of transactions won’t drop significantly.