Sao Paulo, Feb 16 (EFE).– Real estate prices fell between 15 percent and 20 percent in Brazil last year and the sector will remain “under pressure” until mid-2017, credit rating agency Moody’s said Tuesday.

Brazil’s real estate industry has been in a cyclical downturn since 2012, with the slump coming after a period of rapid growth, Moody’s said.

The downturn has intensified in the past year as economic activity fell and the level of political uncertainty in the country rose, the credit rating agency said.

The median home sale price fell 9 percent in real terms in 20 Brazilian cities in 2015, but the drop may have been even bigger – between 15 percent and 20 percent – due to the fact that listing prices are higher than the final price that properties sell for, Moody’s vice president and senior analyst Cristiane Spercel said.

“These kinds of drops are due, more than anything else, to the strong contraction in consumer confidence, which is based on the economic uncertainty in Brazil, including insufficient jobs and high inflation rates,” Spercel said.

Real estate sales will fall 10 percent this year, compared to 2015, and liquidity is construction companies’ “most serious” concern, Moody’s said. EFE