Since 2014, when against consensus, we anticipated the recovery of Spanish residential real estate, we have held a positive view on the sector. In April 2020, again against consensus, we predicted that price growth would not collapse during the pandemic. It is our careful connection of global and local analysis along with the study of monetary policy, markets and banking systems that has led us to consistently get it right. Throughout the COVID-19 crisis we have been updating our view on the real estate sector in Spain and closely following the evolution of real estate markets across the globe.