This six-page document analyses the potential effects of the proposed policy measures on Spain’s economic growth and the property sector, focusing both on risks and their mitigating factors. The last part of the report features our conclusions on the overall impact on the Spanish economy, considering not only the political risks, but also the timing of the local cycle, the main structural risks and the outlook for the external sector. Having insight into these factors will be of great use in economic decision making amidst global and local uncertainty.