The real estate market has arrived to the turning point that was glimpsed a few months ago, based on a few guesses. The slowdown in sales volume is an unmistakable sign of the shift that is taking place. After registering a deceleration During the second half of last year, transaction volume has begun to fall, with -2.5% in the first quarter in year-on-year and seasonally adjusted terms by Funcas (the original series pointing in the same direction). A result that can only be attributed to the slowdown in demand, and not to a decrease in supply: it continues to expand thanks to the construction pull.
Credit
New credit for home acquisition, which had shown an acceleration during 2025, has truncated this trend in the first quarter of this year, registering a drop of 2.4%, in line with the evolution of sales. The trend could worsen, as credit becomes more expensive, in step with the increase in the Euribor, from 2.2% before the conflict in the Middle East to the current 2.8%. The rise in this index, a reference for the Spanish market, will end up being reflected in the mortgage loan interest rate in the coming months.
