In this episode, Gordon Kerr, Head of European Research speaks with Kali Sirugudi from the RMBS ratings team about the impact of the current rising interest rate environment on commercial real estate in Europe. We engage in a discussion about how the Spanish housing market has adapted from its position pre-global financial crisis and is better prepared for the challenges ahead. In Spain, the housing market suffered dramatically in the wake of the global financial crisis with house prices collapsing and delinquencies and defaults surging. In 2023 the market will be challenged again, but KBRA argues that it is in a much better position than it was in 2007. Further reading on the topic can be found on kbra.com.