The December 2023 housing report reveals a complex and diverse picture in the Spanish real estate market. Demand for housing continues to grow, driven in part by population growth, especially in large cities and areas with a high concentration of immigrants. This demographic growth translates into an increase in households, mainly single-person, which are growing at a faster rate than other types of housing.
One notable aspect is affordability. The effort rate to acquire a property stands at 38.3% at national level, reflecting the proportion of income that households spend on the purchase of a home. This means that, on average, Spaniards need 7.8 years of full income to buy a property, with significant variations between autonomous communities. In places such as the Balearic Islands, the figure rises to 16.4 years, while in La Rioja it is considerably lower.
As for the rental market, although 75.9% of Spaniards still prefer to own a home, the rental market has also gained importance, especially in areas where purchase prices are prohibitive. The report highlights that the ownership rate has decreased in recent years, from 80% in 2004 to less than 76% in 2022.
Finally, the document analyses the structural housing deficit. The construction of new units is below the creation of homes, generating an unmet demand that affects both buyers and tenants. In short, the Spanish residential market faces challenges of accessibility and sustainability that require effective public policies to improve supply and facilitate access to housing.
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