Real estate is a particularly relevant sector for the economy. It also serves as a good indicator of its performance, as it is more dependent than other industries on the macro. In fact, the Great Recession of 2008 originated in the real estate sector. In this short note we explain our position on the expected future prospects for the real estate sector, both globally and locally. It should be noted that, on many occasions, trends in the rest of the world end up reaching Spain, albeit with some delay.