Home sales data have recently been published for Spain in February. We take this opportunity to update our readers on the Spanish Residential Real Estate sector in a very visual, 40-slide presentation, covering the sector’s fundamentals and our perspectives on the future of the sector in a world of negative real interest rates (a historical situation which will affect it significantly). One year ago in April, we wrote a contra-consensus analysis based on a rigorous examination of the available data, explaining why we believed residential real estate prices in Spain would remain relatively stable throughout the COVID-19 crisis. One year later, this call and our subsequent analyses of the residential real estate sector have added to our track record of correctly anticipating its evolution. We hope to continue this streak with the predictions we lay out in this report.