The type of marknadsuppgångar that has characterized the Swedish real estate market usually do not just end up with a price, but rather in a decline.
It writes the investment bank Morgan Stanley in a analysis.
Sweden has previously suffered a significant real estate bubble and crash, reminiscent to the investment bank if.
”The fundamentals for the Swedish real estate remains good for the moment, but less favorable than in the past. They are slowing down after a positive development,” notes Morgan Stanley.
So far, it has according to the investment bank not occurred to a market with this type of borrowing and the interest-rate sensitivity, which has been going strong for so long, only stabilizes when the growth slows down. Therefore, the nedsiderisken clearly larger than the uppsiderisken, believe by.
The slowdown in the Swedish real estate market has definitely begun, called it in the analysis. A good news in this context is according to the investment bank that the Swedish banks are well-capitalised.
Morgan Stanley has the recommendation, the balance of the property companies Castellum, and Pandox, and the recommendation underweight for Fabege.
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