According to the president of the Spanish association of real estate agents CGCOAPI, Santiago Baena, the real estate services market is currently in a situation of "hard adjustment", but not in a state of crisis. "If there is a crisis, it is a financial one," says Baena. As reported by Lenta.ru, the head of Spanish real estate agents also warned that the upcoming financial results published by banks could be scandalous.
Baena sees the current situation as a necessary "cleansing" of the real estate market, a process that will continue until the end of the year. In his opinion, everything will normalize in 2009, but the market will no longer be as it was during the construction boom years.