This document expects to establish the ability of fiscal policy, reflected in the national housing
policy; and monetary policy, reflected in the intervention interest rate of issuing bank, to include
or exclude people from the social housing market. Through the identification of fundamentals
of housing prices and its response to changes in policy variables estimated with a Bayesian Var
model (BVAR), It has been observed that housing subsidies have been a determinant in the recent
property price increase, thus neutralizing their own effects in the medium term. Likewise, the
transmission effect of interest rate policy in mortgage interest rates is reflected in relative changes
in indebtedness and payment capacity of households.