In this article originally published in the *Informe Económico y Financiero* that we released in March 2025 with the support of Banco Sabadell, Professor Joan Monràs reviews the four forces that have converged to push up housing demand: less construction, credit regulation after the crisis, the tourism boom, and the pandemic. This shock puts pressure on prices and shifts demand toward renting. It does so in a very uneven manner—especially in major cities with limited supply. The adjustment, Monràs suggests, will depend on future monetary policy and housing measures.
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