The real estate portals Fotocasa, pisos.com, and idealista agree, following the publication by the INE of the housing sales figures for April, that the residential market is entering a stage of stabilization, with a gradual moderation of activity after the peaks reached in 2025.
This change in pace reflects, according to experts, a "turning point" derived from the increased cost of financing after the shift in the European Central Bank's (ECB) monetary policy and prices that hinder access for a large part of the demand.
From Fotocasa, its Director of Studies, María Matos, points out that the indicators point to a "gradual moderation of activity" within a process of "normalization after peaks," in which the number of transactions "will remain high," albeit with more "moderate" growth.
Despite the monthly decrease of 13.1% in housing transactions and the 1.8% year-on-year adjustment in April, Matos emphasizes the "remarkable strength" of the market, which registered 53,241 transactions.
The analyst also warns that the rise in ECB interest rates "represents a turning point" that will make credit more expensive and limit the purchasing power of 75% of households that require financing. In her opinion, the sector is heading towards a "progressive slowdown" in which the accessibility gap "will continue to widen."
For its part, the Director of Studies at pisos.com, Ferran Font, interprets that the figures show a "slight moderation" of activity compared to the "extraordinary dynamism" recorded the previous year. He specifies that this "loss of intensity" is mainly explained by the base effect compared to "exceptionally strong" months in 2025.
In this regard, Font highlights that the key element to watch will be the evolution of financing, as the new direction of the ECB, which has raised interest rates again for the first time in three years, is already noticeable in the rise of the Euribor. He adds that the "persistent lack of available supply" will continue to condition the sector towards "increasingly contained" growth.
Likewise, the spokesperson for idealista, Francisco Iñareta, considers that the new drop in the number of sales reinforces the idea that real estate is at "if not a change of cycle, at least a turning point." In his view, this context coincides with a recovery in supply and with more advertisers willing to lower their demands.
Lastly, the idealista representative maintains that housing has reached price levels that "make access impossible" for a very broad segment of demand. With the combination of this factor and the tightening of financing, he concludes that the advance towards a scenario of "price stabilization" "seems clear".