By 2025, «We foresee new interest rate cuts by the European Central Bank (ECB), which should act as a stimulus for housing prices»they say from Bankinter's analysis department, where they predict price increases at a rate higher than inflation. In fact, they calculate that 2024 will close with increases in prices greater than 8%compared to the 6% previously expected. For the following years, they have also increased their estimates. So, By 2025 they believe there will be a 5% rise in housing pricescompared to 4% previously. «Subsequently, the increases should progressively moderate, reaching above 3% in 2026 and tended to converge with inflation in levels close to 2% in 2027«, they say. And they assure that «interest rate cuts will act as a new stimulustogether with a solid labor market, a shortage of supply and a sharp rise in rental prices.» After a long cycle of increases in housing prices, 10 consecutive years, in which an appreciation of close to 56% has accumulated from the minimum 2014, one of the main doubts is whether a real estate bubble is forming again. The entity's experts are clear: «Our opinion is that it is not.» the housing market presents solid fundamentals«with accessibility ratios better than the historical average, supported by strong increases in household disposable income, even higher than 10% in recent years, and effort rates at reasonable levels and tending to moderate.» As they explain, the relationship between housing prices and average family income will end 2024 around 7.3x, far from the 2007 highs of 9.5x. Some levels that believe that should remain stable in 2025, despite estimated house price increases. «This is explained by the growth in gross disposable income of householdswhich we estimate will remain in the mid-single digits, due to a combination of job creation and salary increases, given the economic growth of recent years, which has been felt especially in the services sector. Furthermore, reflecting the fall of the Euriborcomment that the proportion of family income that goes to paying the mortgage has begun to reduce. «It currently stands at 36% and it is highly probable that in the coming months it will be below the historical average (35%).» Added to this is a supply shortages that are expected to continue increasing about 100,000 units per year. «In the next two years, less than 100,000 homes will be delivered per year, while demand could exceed 200,000 per year,» something that «contrasts with the clear excess supply of the last real estate bubble»they conclude.