The National Yearbook of the Residential Market in Spain 2021, prepared jointly with Deloitte, offers a detailed view of the behavior of the Spanish real estate market in a context of recovery after the pandemic. This report highlights an increase in housing transactions, with more than 467,000 properties sold, which represents an increase of 11.2% compared to the previous year. This recovery was driven by the demand for second-hand housing, which continues to lead the market compared to new construction, although both segments will show growth.
In terms of prices, the average appraised value of homes increased by 2.6%, standing at around €1,662/m², and the cost of construction rose considerably due to increases in raw materials. This factor has influenced the accessibility of housing, making the theoretical effort to acquire a property remain high in many regions, especially in the Balearic Islands and large capitals such as Madrid and Barcelona.
Regarding financing, the mortgage market showed an improvement with an average interest rate of 1.56%, slightly lower than in 2020, which has favored access to housing for many buyers. However, the report points out that investment in the residential sector continues to be an attractive option compared to other assets, given the environment of low interest rates and the stability of the market.
This complete analysis provides real estate professionals and potential buyers with a key tool to understand the current dynamics and challenges of the residential sector in Spain, in a context of high demand and rising costs.
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