Alivio en el sector inmobiliario, con cautela ante el riesgo de más caída en la oferta de alquileres

The real estate sector has seen a relief after the repeal of two housing decrees, but experts caution against the potential damage that the housing crisis chaos could cause a drop in the supply of rentals by small owners. The reactions from the panel of experts consulted by EXPANSIÓN to the repeal of the two housing decrees are a mix of relief and caution.

While they celebrate the Congress for having dismissed them, they point out that it leaves a bitter taste due to the effects that could have already had on the rental supply. Gonzalo Bernardos, an economist and director of the real estate master's program at the University of Barcelona, recalls that more than 90% of owners are small holders who don't want problems, so situations of uncertainty like the current one could push them to seek alternative ways to use their savings.

Most caseros (self-builders) manage their own rentals, the study points out. In the same vein, María Matos, director of Studies at Fotocasa, notes that the market is more unstable than ever, despite the repeal, due to the climate of insecurity generated by the constant succession of regulatory changes. We are receiving a lot of questions from owners, tenants, and professionals who don't know exactly which regulation affects them or how they should act, she reports.

This confusion could also have consequences on investment and the creation of new supply, at a time when Spain needs to mobilize huge amounts of public and private investment to generate housing. The Federation of Real Estate Associations (FAI) expects a high impact and, consequently, a reduction in rental supply and a stricter filter in tenant selection in the coming weeks, according to its president, José María Alfaro.

This would go against those who are less solvent or have higher vulnerability potential. Opinions among sector experts on the measures needed to curb housing prices are unanimous. The objective is to first expand the available supply and not generate incentives for that supply to decrease, says Martos, who proposes mobilizing more public and private land for housing construction; drastically reducing urbanization timelines; and promoting an impetus to rehabilitate existing properties.

For his part, Bernardos points out that demand-side measures - like those proposed by the government - do not have effects if the supply is not played with. Therefore, he points to the need to completely change the way licenses are granted and reduce construction costs and urbanization limitations, such as setbacks, as part of an effective reform.

All of this under an ambitious fiscal package that provides efficient, clear, and stable incentives linked to sustainable long-term rental incomes, accompanied by 100% payment guarantees and compensation measures for owners in case of non-payment, concludes Alfaro.