“The risk of correction in house prices has increased as inflation accelerates, interest rates rise and economic growth slows down”, highlights the financial rating agency, admitting that, in some markets there are “great risks of price corrections”, according to ECO.
With regard to Portugal, Moody's estimates that the growth in house prices should settle at 13.9% in 2022. And in 2023? The rating agency predicts that house prices could remain stable at 1%. But it also admits a scenario of price correction, in which prices may fall by up to 3%.
Moody`s perspectives point to "economic growth slowing down worldwide in 2023", with "high inflation, geopolitical changes and financial market volatility harming families and companies", with "a substantial risk of new shocks in the future".
But with regard to banking, the rating agency admits that financial institutions could benefit from "solid profits" in 2023, with rising interest rates and reinforced balance sheets counterbalancing the global economic slowdown.
"Global banks will be protected from rising bad debts in 2023 by rising interest rates and solid reserves and the outlook for the sector remains stable", says Moody`s Investors Service in the report released in early December.
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