I do not remember well who said that about what ‘A tree that falls makes more noise than hundreds that grow’. The phrase, whoever the author is, can be applied today to the real estate sector. There are many who predict a new crisis in the sector, taking as a reference some objective data and as a framework of comparison the unreal mirror of a moment of boom in the oversized sector of the first decade of this century. Yes, in the real estate sector there may be a tree that falls, but there are many shoots that are growing.

The current reality of the real estate sector is that there is no oversizing as in the past, which allows to coexist in a state of very balanced demand and supply. This is called, from my point of view, the state of maturity of a sector that - accompanied by others - lived its terrible moments of feasting. That the whole world ended up paying.

This balance results in very clear symptoms such as housing construction levels below 2008 ratios, when the maximum levels were reached. With price growth at this time that does not draw dizzying peaks, but gentle slopes; and a reduction in mortgage operations and transactions in notaries, stabilizing. Funcas, the Savings Bank Foundation, says that notary operations grew by 2.2% in the first quarter of the year . It is true that in 2018 it was 9.5% and in the previous year it was higher than 16%. But it is also true that we have to establish this year's data as normal and not the runaway of past operations.

Above all, taking into account several fundamental elements. The first of this, what was learned from the hard lesson of the economic and financial crisis of the 2008 crisis. Society and financial structures are not the same and, of course, they are wiser and much more prudent.

Financial entities are less exposed to the risks of the real estate sector. These entities today have been concentrated in larger groups and with policies - encouraged by the European Central Bank - more restrictive to credit, both to individuals and developers. Today there are no promoters who can venture to carry out operations with exclusively external resources . This professionalizes the sector, expels the speculator and the opportunist and offers more guarantees to the end customer.

A more demanding and prudent customer who demands safer products at all levels. That it requires less credit, as evidenced by the continuing declining equity data from home equity funds. We must also remember that the data on operations may have suffered - although it is yet to be measured - the entry into force of the new Mortgage Law that began in June and that, in one way or another, conditioned pending and future operations.

However, it is true that there are population niches with real problems when it comes to buying a home. Our young people have seen what it took their elders to over-mortgage and are acting more prudently. Also out of necessity, given the socio-labor situation they live in and a meager response from public administrations in favor of this group.

Definitely, the real estate sector tends towards maturity, without the risks of the past, with more professional promoters, where the sector is not monolithic, since the coast and large capitals have different responses from the rest of the country; where financial institutions have changed the rules of the game - for the better to avoid brick-based financial bubbles -; and with a client who searches, compares and decides with greater criteria what he wants and, above all, what he does not want.

It may be that the tree that has fallen is the one to build low and sell high. But of course what is happening is that there is a sector that builds well, ponders what it builds, adds quality and value - also to the territory and society - does not compromise the personal or social future, and becomes a driving force behind the economy without compromising the development of the future. That, they are trees that grow, that do not make noise, but that will give more and better shade.